Home Affordable Foreclosure Alternatives (HAFA) initiative offers eligible borrowers Form , HAFA Request for Approval of Short Sale (RASS). ▫ Must be. o Alternative Request for Approval of Short Sale – Alternative RASS o Deed-in- Lieu Agreement – DIL o Sample Servicer’s HAFA Matrix o Form Uniform. Have you completed the HAFA Clause Checklist by including necessary Are you prepared to send a Request to Approve a Short Sale (RASS) form within 3.
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While the first priority is to keep families in their homes, where this is not possible with a loan modification, they may be able to avoid foreclosure by completing a short sale or a deed-in-lieu of foreclosure DIL under HAFA. Borrowers who are in bankruptcy are eligible with bankruptcy court approval Borrower must deliver clear and marketable title PennyMac will work with the borrower hafx clear subordinate liens Loans with mortgage insurance require approval from the insurer The current Unpaid Principal Balance UPB of the mortgage loan, not including arrearages, is not greater than: Palermo Real Estate Professionals.
They may not have any side deals to receive a commission indirectly. Servicers must develop written procedures that are consistent with the GSEs policies. We are not saying one thing or another more than just we are going to be very cynical before we claim that this is going to be a great program.
The main highlights of this vorm table topper are as follows: Haca Valuations The borrower may dispute the property value following the requirements below: The servicer transmits the SSA to the homeowner for raes of its terms. The policy may include such factors as the severity of the loss involved, local market conditions, the timing of pending foreclosure actions, and homeowner motivation and cooperation.
Homeowner must be more than 60 days delinquent.
No payments by agent or borrower to 2nd mortgage holder allowed. Auth rasss social network: That individual will assist the borrower throughout the Short Sale process. Investors currently participating in HAMP or the Obama program may continue to participate but it must be understood that many can also back out and choose to no longer participate as these programs are not an obligation and more of a suggestion with some incentives.
Short Payoff Fraud 46 Delinquent or Imminent Ofrm Making less money, running out of savings, etc.
If the servicer decides to approve the deal: What are the HAFA rules on real estate commissions? Extension must be approved by Fannie.
As of July 13th Bank of America received a new guidelines or in the business it is called a Mortgage must be delinquent or default must be reasonably foreseeable. What are the deadlines for closings and releasing the mortgage lien?
If you wish to download it, please recommend it to your friends in any social system. Includes warning hzfa phantom income — may be exempt Closing and payment instructions are included Short sale approved this program will be given at least 45 days to get the deal closed IF the servicer disapproves or declines the short sale they will need to e xplain why it has been declined: Principal Residence may have moved for job, etc.
Homeowners are ineligible if they have: The borrower calls and PennyMac verbally prequalifies them over the phone. Contact the Loan Resolution Specialist assigned to the borrower and submit one of the haf These groups will generally work with all types of homeowners from those that own one home their personal residence and are prepared to work with investors who may own several homes but feel that they will not qualify for this program.
Servicers must not consider a homeowner who requests the HAFA program, or solicit a ras who is unable to retain their home with the help of a HAMP loan modification, without prior written consent by Fannie if:.
Many times these programs that we deal with for our clients change for the better but there are also certain As for now some of the largest participants, Fannie Mae and Freddie Mac, are still trying to decide how they are going to implement the programs themselves.
Borrower returns the welcome package. The homeowner and the prospective real estate broker may negotiate with the servicer on the terms of the SSA.
If you need more information contact to be connected to an Short Sale Specialized Agent local to you. Lenders may not require contributions from either the real estate agent or homeowner as a condition for releasing its lien and releasing the homeowner from personal liability. Courtesy of the National Association of Realtors www. Same as Treasury except extension requests sent to Freddie Mac must be submitted no later than 15 days prior to the expiration of the initial SSA term. No other agreements or offers not disclosed to servicer Evidence of 3 proximate and comparable closed sales not already considered by the PennyMac ordered valuation product.
If it is agreeable then they will both sign and send back. Servicers specify reasonable and customary commission up front Loss Mitigation Specialist and Agents may negotiate this.
My presentations Profile Feedback Log out. What are the representation rules on HAFA transactions?
HAFA Matrix – PennyMac
New rules announced on March 12th the homeowner can not be pursued for a deficiency. Toll Free Monday — Friday: They will not allow for sale by owners FSBO.
We suggest to use a Loss Mitigation Specialist who will deal with hundreds of raws and see many different reasons where 2nd liens may not be willing to participate in this program.
This must be negotiated. If the homeowner and the listing broker decide to participate, both must sign the SSA, agreeing to its terms. How will HAFA improve the short sales process?