Hey all, just had a conversation with Bay View Loan Servicing. They've been processing the homeowner for HAFA eligibility since mid-April, and I was just informed of a "new HAFA regulation that requires the homeowner to make a payment every month until closing of 31% of their income!" This is after the HAFA approval is issued. The other alternative is that the homeowner can forego the $3k relocation incentive and call it a day. Anyone heard of this??? Thanks!
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If that is something they require, it is required to be disclosed in their HAFA Matrix - https://www1.vtrenz.net/imarkownerfiles/ownerassets/583/hafa-matrix...
In reading their HAFA Matrix that can be a condition of participation.
That is not true. It is true that if the borrowers SSA requires a payment during the marketing period the lenders are no longer required to keep the payment below 31% of income. This is a new guideline that goes into affect on 1 June 2012.
The new guidelines are attached. These are for non GSE Hafa
"Payments during the review
term may exceed 31%, if
the borrower wants to
remain current on his/her loan"
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