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.
|Published (Last):||7 June 2015|
|PDF File Size:||12.83 Mb|
|ePub File Size:||19.38 Mb|
|Price:||Free* [*Free Regsitration Required]|
Servicers must develop written procedures that are consistent from the GSEs policies. 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.
Homeowners in Jeopardy What forms are used to participate in the program?
Module 4: The RASS & Alt. RASS The RASS ppt download
Point of Contact Information: Homeowner cannot be within 60 days of foreclosure sale date without Fannie approval. The ability to make mortgage payments, but choose not to do so strategic default. Auth with social network: Pacific Time Zone Email: Requires homeowners to be fully released rqss future liability for all mortgage debt no cash contribution, promissory note, or deficiency judgment is allowed.
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.
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. To make this website work, fork log user data and share it with processors.
New rules announced on March 12th the homeowner can not be pursued for a deficiency. 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.
What is HAFA? – Short Sale Innovations | Short Sale Innovations
A broker or agent may only earn a commission, on either the buy or sell side, if the represented party is unrelated and unaffiliated. How will HAFA improve the short sales process?
If you wish to download it, arss recommend it to your friends in any social system. The Treasury Department and GSE guidelines state that junior lien holders may not receive additional contributions.
Lender Specific Forms:
Published by Kobe Blish Modified over 3 years ago. We suggest fofm use a Loss Mitigation Specialist who will deal with hundreds of issues and see many different reasons where 2nd liens may not be willing to participate in this program. 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.
Courtesy of the National Association of Realtors www. In action but what does it mean to your and your homeowners.
Extension must be approved by Fannie. 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.
What are the deadlines for rasw and releasing the mortgage lien? That individual will assist the borrower hafaa the Short Sale process. All the incentives will still apply but the process will be back to the short sale program that we all know and love. However, each servicer has some discretion in determining additional eligibility criteria and certain program rules.
OK In this module: This policy recognizes that the real estate professional has already done the work of marketing the property and obtaining an executed sales contract, so it is not appropriate for the servicer to reduce the commission below the already negotiated amount after the work is done. Upon receiving your package, borrower will be assigned a single point of contact. Evidence of 3 proximate and comparable closed sales not already considered by the PennyMac ordered valuation product.
Foreclosure sale is scheduled to be held within 60 days. Registration Forgot your password? Disputed Valuations The borrower may dispute the property value following the requirements below: Servicers must evaluate all homeowners with loans that are held or guaranteed by the GSEs with some exceptions.
This must be negotiated. Borrower returns the welcome package. Foreclosure could be initiated and reasonably expected to result in a foreclosure sale being held within 60 days.
We will order one interior broker price opinion BPO and an appraisal desk review for the reconciled property value.