HAFA disallowed after 120 day window
I'm using an attorney's office to coordinate a current SS, and was informed by their office that because the process has taken longer than 120 days my seller's tenants will not qualify for the 3k relocation HAFA money .
My understanding of this 120 window period has to do with marketing the property and not whether or not tenants or home owners can qualify for HAFA.
Once an offer has been received and all docs including HAFA docs have been filled out and put into the mix awaiting approval, then the amount of time for the SS to be approved has no significance. Am I right or wrong on this?
Replies to This Discussion
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Permalink Reply by Short Sale Superstars LLC on
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As far as I'm concerned that is not a guideline. I've processed plenty of short sales that have taken over 120 days and the borrower received HAFA relocation if Eligible.
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Permalink Reply by Kevin - Greenville, SC on
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120 days is the minimum amount of time to market and close a HAFA SS per treasury guidelines. Ask them to extend the HAFA SSA.
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Permalink Reply by chris dodson on
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Actually, the deal is about 30 months long now and four buyers later. Does there have to be a continuity of only one buyer per the 120 days, or can the HAFA guidelines begin anew each time a new buyer is brought into the mix? Each new offer that has been submitted to OCWEN, there has also been included new tenant-executed HAFA docs.
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I've been advised in the past from mortgage servicers that the program only is required to be offered once. I've seen servicers decline borrowers from being reviewed for HAFA after a buyer has walked and a new offer has been submitted.
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Does the tenant have any legal recourse? This SS is in CA. I realize HAFA is a federal program, but do different states have any mandates on this matter? Or is it merely a bottom line decision that servicers/investors can make?
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Permalink Reply by Michael Rapp on
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Good Morning Chris, you can contact me directly at [email protected] and [email protected] and my team can assist. Generally if the investor participates and you have an offer, there would not be a time limitation on HAFA.
Sincerely,
Michael
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