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.

Author: Masho Shaktigal
Country: Uganda
Language: English (Spanish)
Genre: Life
Published (Last): 13 December 2015
Pages: 485
PDF File Size: 6.99 Mb
ePub File Size: 6.87 Mb
ISBN: 964-1-69061-453-6
Downloads: 19826
Price: Free* [*Free Regsitration Required]
Uploader: Tutaur

An eligible, qualified homeowner must be considered for HAFA before the mortgage is referred to foreclosure. Forms are expected to be be complicated even for professionals and it is actually part of the program homeowners will have to fform a Real Estate Agent.

If borrower and property qualify, servicer sends that Short Sale Agreement. May 29, Eligibility Requirements. If you have any questions or concerns sign in with any of your favorite logins and put up those questions. May junior lien holders seek foem contributions from the real estate agent or the homeowner as a condition for releasing the lien and the homeowner from personal liability? Point of Contact Information Call: The borrower calls and PennyMac verbally prequalifies them over the phone.

You must be logged in to haf a comment.

What are the HAFA rules on real estate commissions? They will not allow for sale by owners FSBO.

Upon receiving your package, borrower will be assigned a single point of contact. Homeowner options Buyer considerations in short fprm 1. General HAFA questions prior to short sale request: Homeowners in Jeopardy The investor must waive rights to seek deficiency judgment and may not require a promissory note for any deficiency.

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

If it is agreeable forj they will both sign and send back. My presentations Profile Feedback Log out. Deed-In-Lieu should be considered in all cases where the property does generate an acceptable short sale.

PennyMac issues a welcome package via 2-day FedEx ore-mail. This must be negotiated. Implementation Guidelines stated the period starts Hwfa information to roll out over the next couple of weeks. It will also include the new additional steps of: 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.


Module 4: The RASS & Alt. RASS The RASS ppt download

The single point rwss contact will be responsible for valuation appeals, transaction status and escalation of complaints and concerns. We think you have liked this presentation.

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. To make this website work, we log user data and share it with processors. Pacific Time Zone Email: How will HAFA improve the short sales process?

Published by Kobe Blish Modified over 3 years ago.

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

A real estate professional may not list or purchase the property using his or her brokerage. Eligibility Review and Order Property Valuation. 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: 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.

We will order one interior broker price opinion BPO and an appraisal desk review for the reconciled property value. To use this website, you must agree to our Privacy Policyincluding cookie policy.

Foreclosure could be initiated and reasonably expected to result in a foreclosure sale being held within 60 days. Servicers must develop written procedures that are consistent with the GSEs policies. Contingency clause—sale is subject to written agreement of all sales terms by the mortgage holder and, if applicable, mortgage insurer.


Attach all required info Remember required contract language: No longer than 30 days. Requires homeowners to be fully released from future liability for all mortgage debt no cash contribution, promissory note, or deficiency judgment is allowed.

In action but what does it mean to your and your homeowners. Point of Contact Information: Within 10 business days after the servicer receives the RASS and all required attachments, the servicer must approve or deny the request and advise the homeowner with reasons for denial.

HAFA must be implemented by all servicers for all conventional mortgage loans that are held or guaranteed by Fannie and Freddie with some exceptions. There is no list price review or reduction strategy. Can use homeowner financial and hardship information already collected in connection with consideration of a loan modification under HAMP. If you wish to download it, please recommend it to your friends rqss any social system.

The borrower will receive this.

Module 4: The RASS & Alt. RASS 45 4-1. The RASS 45 4-2.

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:. Order an interior appraisal from an approved PennyMac vendor, if the borrower provided any other supporting documentation other than a full interior appraisal. 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 haf more of a suggestion with some incentives.

Some investor guidelines may dictate that if a foreclosure sale date has already been set, the homeowner will not be considered for a short sale. If the servicer decides to approve the deal: