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 HAFA is now an expired program.

The escalation process for HAFA is easy and effective and works with all HAFA participants.

https://www.hmpadmin.com/portal/resources/advisors/escalation.jsp

Email:  [email protected]

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Here are some documents that may help you understand the HAFA guidelines.

HAFA Overview for Agents 

Bank of America HAFA overview 

Forms and Guidelines

RMA.pdf

RMA Instructions.pdf

New Dodd Frank.pdf

4506-T.pdf

Quite possibly because HAFA and HAMP have both lagged far behind in expected completions, the Treasury Department recently reviewed and eliminated some of the rules to make eligibility easier.

With the HAFA program being designed, in part, to catch and help those homeowners who fell out of the Home Affordable Modification Program. However, the program has had less than 1,000 short sales since its April 2010 launch.

Among the Treasury’s changes are that servicers are no longer required to verify a borrower’s financial information or determine whether a borrower’s total monthly mortgage exceeds the bar of the 31% debt-to-income ratio.

According to one Treasury spokesperson, “While this requirement has set the standard for mortgage affordability under HAMP, it is not as important for homeowners ready to transition out of their home. Eliminating this requirement further streamlines the process for homeowners applying to the program.”

Servicers are, however, still required to obtain a signed hardship affidavit.

Section 6.2.4.2, Chapter IV of the Handbook is amended to increase from $6,000 to $8,500 the amount a servicer may authorize the settlement agent to pay from gross proceeds to subordinate mortgage holder(s) in exchange for a lien release and full release
of borrower liability. Investors will continue to be reimbursed one dollar for every three dollars of short sale proceeds paid to a subordinate mortgage holder up to $2,000.

All borrowers must now receive a short sale agreement within 30 days of the request.

The best way to assure your short sale is not yanked for the homeowner to go try a loan mod after you are listed it is to .... make sure your borrower seek the HAMP program first, then HAFA. Also, if you run out of time (120 days) ask for an extension.