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HAFA guidelines feb 1 2015

Posted by Mike Rizzo on January 14, 2015 at 6:28am in Short Sale Discussions

Admittedly, I haven't done a short sale in about a year now.  It used to be 40% of my business, but I now have 2 coming up in the same week.  I heard there are changes taking effect Feb 1, 2015 regarding the relocation incentive.  Supposedly, this will go from $3000 to $10,000.  Can anyone confirm this because I don't see anything about this on the HAFA website??  I need to know the eligibility requirements and rules.

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Replies

  • Mike Rizzo March 12, 2015 at 8:13am

    Thank you everyone for you comments....Yes, it does indeed exist.  However, only for Fannie Mae since Freddie no longer does HAFA.  Something I didn't know because I was out of the short sale realm for a couple of years.  Thanks again.

  • Jenny Hayden March 10, 2015 at 7:49am

    I'm sure you have your answer by now. But just in case not, I just had my first closing, with these new rules, on Friday and the seller received the full $10,000. 

  • Vanessa Machado February 12, 2015 at 10:09am

    Under these new HAFA guidelines, does anyone know if the seller qualifies for the HAFA incentive if they vacated the property less than a year ago? 

    Chase is also implementing these new guidelines; $12,000 max to 2nd lien holder and $10,000 incentive to homeowner.  Just received this news from them today. Thank you!

  • Angela Burton January 18, 2015 at 4:08pm

    Yes, it's true. I was told by Wells Fargo on 1/16 to change HAFA on one of my hud's to $10,000 because it will close after 2/1/15.

    • Mike Rizzo > Angela Burton January 30, 2015 at 7:40am

      Does the borrower need to be late on her payments to qualify.  She's using savings to make her payments.  She lost her husband in Dec and she doesn't have any equity in the home.

  • Josh M. Boggs January 14, 2015 at 9:02am

    Of course this comes off the MNAP by the investor so how is anyone seeing a buyer's offer come in high enough to justify the extra $10k towards the sellers?  Anyone?  Would love to know.

    Thanks

    Josh

    • Jonathan Katz > Josh M. Boggs January 14, 2015 at 5:15pm

      Seller may need to contribute incentive towards the 1st Lien's NET if necessary to boost NET above the minimum NET per guidelines.

      • Kevin - Greenville, SC > Jonathan Katz January 29, 2015 at 2:49pm
        correct. that's an option but if it's needed the value is probably wrong.
  • Jonathan Katz January 14, 2015 at 7:34am

    Yes, banks are now implementing this. We had a few negotiators request that we change the HAFA incentive to $10,000 on the Est. HUD for review since the files are being submitted for approval and will be closing post Feb 1st 2015. 2nd Liens will also be awarded $12,000 max instead of $8,500.

    Let me know if you need anything at all and best regards,

    310-564-6389

    www.ishortsalenow.com

    Brett@ishortsalenow.com

    • Mike Rizzo > Jonathan Katz January 14, 2015 at 1:53pm

      Thank you....is there a news release that you can reference so I can show it to my sellers??

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