Published by on February 22, 2021
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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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Evidence of 3 proximate and comparable closed sales not already considered by the PennyMac ordered valuation product. Under HAFA, an agent is not permitted to rebate any funds or commission to either the homeowner or the buyer from the sale of the property. If it is agreeable then they will both sign and send back.

IF the servicer disapproves or declines the short sale they will need to e xplain why it has been declined: Point of Contact Information Call: Download ppt “Module hafz First form that the servicer prepared. Homeowners are ineligible if they have: Raas is not guaranteed as not all lenders will be participating.

The December 28,update directs servicers to include a statement, within the SSA or ARASS forms, that any associated vendor fees will not be charged to the homeowner or deducted from the real estate commission. The results should be completed within 21 days if the appraisal is completed on a timely basis. Principal Residence may have moved for job, etc.

Attach all required info Remember required contract language: 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. Servicers must not consider a homeowner who requests the HAFA program, or solicit a homeowner who is unable to retain their home with the help of a HAMP loan modification, without prior written consent by Fannie if: The amount of the commission in such a case is the amount negotiated in the listing agreement, not to hafx 6 percent.

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An eligible, qualified homeowner must be considered for HAFA before the mortgage is referred to foreclosure. Mortgage must be delinquent or default must be gafa foreseeable.

HAFA Video: In action but what does it mean to your and your homeowners.

However, each servicer has some discretion in determining additional eligibility criteria and certain program rules. Foreclosure sale is scheduled to be held within 60 days. Centralized Servicing Center — 62 We think you have liked this presentation.

If local or state law does not include a deadline, the servicer must release its first mortgage lien within 30 business days.

Same as Fannie, except closing must not be later than 60 calendar days from date of contract without the consent of Freddie. New rules announced on March 12th the homeowner can not be pursued for a deficiency. How will HAFA improve the short sales process? General HAFA questions prior to short sale request: The ability to make mortgage payments, but choose not to do so strategic default.

What is HAFA? – Short Sale Innovations | Short Sale Innovations

The servicer should follow local or state law to time the release of its first mortgage lien after receipt of sale proceeds. PennyMac approval forrm purchase contract. Extension must be approved by Fannie. If you have any questions or concerns sign in with any of your favorite logins and put up those questions.

If borrower and property qualify, servicer sends that Short Sale Agreement. Fannie Mae, no time frame 53 The summary information in this matrix is prepared solely by PennyMac and does not represent any determination by the Treasury as to the servicer’s compliance with the Treasury’s policies and guidance for HAFA.


The servicer transmits the SSA to the homeowner for consideration of fofm terms.

HAFA Video: In action but what does it mean to your and your homeowners. – Mortgage Lender Report

Borrowers who are in bankruptcy are eligible with bankruptcy court approval Borrower must deliver clear and marketable title PennyMac will work with the borrower to 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: There is a different commission policy for non-GSE loans if the homeowner submits an executed sales contract to the servicer for approval before a SSA is executed.

Registration Forgot your password? My presentations Profile Feedback Log out. Order an interior appraisal from an approved PennyMac vendor, if the borrower provided any other supporting documentation other than a full interior appraisal.

What is a Hardship Affidavit? They will have 10 day window. 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.

If you wish to download it, please recommend it to your friends in any social system. The mortgage loan is secured by a property in Florida on which foreclosure proceedings are pending, judgment has been obtained, or a hearing on summary judgment or trial is scheduled within 60 days. Submit a Comment Cancel reply You must be logged in to post a comment.