Chase tells me that if investor is Fannie Mae - then homeowner can't be out of the home more than 90 days to be eligible for HAFA?!?! What happened to 12 months?
Chase is denied homeowners for HAFA because they didn't apply for HAFA until they got an offer on their home....the offer came in August after they had moved out of their house in April...Now Chase says because they did not live in the house for the last 90 days - they are not eligible for HAFA per Fannie Mae guidelines....I find this so hard to believe when all literature says homeowners must have lived in home for during the last 12 months.......Does anyone know about this and who do I call to verify?
Replies to This Discussion
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Permalink Reply by Kevin - Greenville, SC on
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That is Fannie Mae's HAFA Guideline. 12 Months is for non-GSE Loans.
https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2010/svc1007.pdf
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Permalink Reply by joe beauchamp on
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As Kevin said, FNMA and Freddie never changed their limits. On top of that, according to the letter that BOA recently sent to one of my homeowners, FNMA is no longer doing HAFA for sellers with a contract. [I have been heavily involved in this debacle at BOA since 7/1 when they made this change.]
And, if you read the directive, it specifies that the property is vacant (I assume bad wording) and that the seller had to move more than 100 miles away for a job (and, of course, cannot have been out of the property for more than 90 days).
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Permalink Reply by Ron Margolis, RA on
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Joe,
WOuld love to see a copy of the letter. Any idea what happens if the borrower is in the HAFA underwriting process ( sluggish at best) and then an offer comes in. What would you do? Stall the buyer and wait the process out, given these new requirements? I googled FNMA and HAFA revisions and found nothing.
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Here ya go, Ron - redacted name, acct, address. This was faxed to me, obviously not with the most care, but clear enough.
Not sure of your question - FNMA will still do HAFA w/o offer, btw. Anyway, what you do depends upon which program you are in, etc. If you are in HAFA FNMA w/offer, just cross your fingers that any little glitch does not happen in Equator or you'll be bounced out. If you have an offer, you have a contract to continue and not introduce another buyer. If you are in HAFA w/o offer, it is best to ask the "specialist" who has your file - sometimes a rep is smart enough to know (at UTLS/LRC/AMS/etc), if you listen to a rep, call in again and ask another just to be sure. HAFA is flinchy with regulations and BOA looks for anything which could remotely be considered an issue and use it to kill the deal - be careful.
If you are in HAFA w/o offer, you are supposed to sit on your butt until they give you a $ to list at then give them any offers which come in. I would judge how likely the buyer is to hang around - if he will, wait out the month for them to certify HAFA and 2 weeks to get you the number (if everything goes right) and then give the offer. If you don't know, after getting the number, every 3 weeks, you can call in and ask for an adjustment. The program is 120 days - at the end, your seller can ask for a HAFA deed-in-lieu and get moving money if no offer. Good luck!
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Permalink Reply by Maria Evans on
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Holly, Try to send an email to Fannie Mae: [email protected] Good luck!
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Call or email Fannie Mae MLS Assistance Desk. You will find if you do a Google search....Good luck!
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Joe,
http://www.nclc.org/images/pdf/foreclosure_mortgage/loan_mod/lmp_id...
http://www.nclc.org/images/pdf/foreclosure_mortgage/loan_mod/lmp_wh...
There has been no change to the Fannie Mae HAFA Short Sale with a Contract before the issuance of a SSA. It's doable with an ALT-RASS. However with a Freddie Mac Loan it is not permissible.
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