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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Homeowners in Jeopardy It will also include the new additional steps of: Disputed Valuations The borrower may dispute the property value following the requirements below: No hfa than 30 days.
The amount of the commission in such a case is the amount negotiated in the listing agreement, not to exceed 6 percent. Any questions regarding the information contained in this matrix should be directed solely to PennyMac. Toll Free Escalation Contact: The summary information in this matrix is prepared solely uafa 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.
Toll Free They may not have any side deals to receive a commission indirectly. This must be negotiated.
Fannie Mae, no time frame 53 If the homeowner and the listing broker decide to participate, both must sign the SSA, agreeing to its terms. Attach all required info Remember required contract language: They will not confirm to this at first but eventually they will get better.
Lenders may not require hfaa from either the real estate agent or homeowner as a condition for releasing its lien and releasing the homeowner from personal liability.
Eligibility Rules First lien mortgage loan originated on or before January 1, The mortgage loan is secured by a one- to four-unit property, one unit. Auth with social network: A broker or agent may only earn a commission, on either the buy or sell side, if the foem party is unrelated and unaffiliated.
Many times these programs that we deal with for our clients change for the better but there are also certain Eligibility Review and Order Property Valuation. Pre Loan Principal Balance can not bethis is based off of what they currently owe — including back due payments, fees, attorney fees and costs, etc. Order an interior appraisal from an approved PennyMac vendor, if the borrower provided any other supporting documentation other than a full interior appraisal.
Servicers must evaluate all homeowners with loans that are held or guaranteed by the GSEs with some exceptions. Principal Residence may have moved for job, etc. The borrower may initiate a deed-in-lieu of foreclosure request on the initial day of the application, but no later than 90 days after the Short Sale Agreement SSA is assigned.
Short Sale Forms
Servicers must develop written procedures that are consistent with the GSEs policies. No payments by agent or borrower to 2nd mortgage holder allowed. Registration Forgot your password? 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 haaf are not an obligation and more of a suggestion with some incentives.
Courtesy of the National Association of Realtors www. Cancellation clause—homeowner may cancel without notice and without paying commission if property is conveyed to mortgage insurer or mortgage holder.
They will have 10 day window. Evidence of 3 proximate and comparable closed sales not already considered by the PennyMac ordered valuation product. Neither buyers nor homeowners may earn a commission in connection with the short sale, even if they are licensed real estate brokers or agents. There is a different commission policy for non-GSE loans if the homeowner submits an executed sales hara to the servicer for approval before a SSA is executed.
We suggest to 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. Published by Kobe Blish Modified over 3 years ago. What are the required clauses for the listing agreement? We think you have liked this presentation.
Lender Specific Forms:
Treasury Fannie Freddie Note: How is the program being implemented? Within 10 business days after the formm receives the RASS and all required attachments, the servicer must approve or deny the request and advise the homeowner with reasons for denial.
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.
Those enterprises have issued their own HAFA guidance and forms and are still considering whether to adopt the changes. Includes warning about phantom income — may be exempt Closing and payment instructions are included Bafa 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: The policy may include such factors as the severity of the fofm involved, local market conditions, the timing of pending foreclosure actions, and homeowner motivation and cooperation.
Requires homeowners hafs be fully released from future liability for all mortgage debt no cash contribution, promissory note, or deficiency judgment is allowed. May junior lien holders seek additional contributions from the real estate agent or the homeowner as a condition for releasing the lien and the homeowner from personal liability? First form that the servicer prepared. Borrower returns haca welcome package.
Documentation Required from the Borrower: Order a field review of the borrower supplied appraisal from an approved PennyMac vendor, if the borrower provided an interior appraisal.