Home Affordable Foreclosure Alternatives Program
What does a HAFA short deal do? The HAFA short deal program assists property holders with working with their home loan servicer to effectively finish a short deal. Post short deal, the mortgage holder is discharged of all residual obligation and commitments and is qualified for up to $3000 for migration help. Who is qualified/equipped for the HAFA program?
Property holder must’ve depleted all choices for a credit modification(HAMP) and must demand either a short deal or a DIL of dispossession.
The property must be the mortgage holder’s main living short sale Seattle place or whenever leased, it can’t be over a year’s time. Exclusions: Job move >100 miles, not bought another home inside past 90 days, empty as long as 90 days preceding SSA(Short deal understanding) or Alt RASS(Request Approval Short Sale)
The principal lien contract more likely than not started prior to 01/01/09.
The home loan installments must be at any rate 60 days reprobate or in default.
The UPB can’t be more than $729,750 for a 1 unit property. There are higher exclusions for 2-4 unit properties yet no properties with multiple units are permitted.
The month to month contract installments must surpass 31% of the borrower’s gross month to month pay (no confirmation required yet need to show difficulty).
Bank has 30 days to endorse or deny the HAMP advance alteration; the borrower can dismiss the HAMP and continue with a short deal.
Dealer and representative react to a short deal understanding inside 14 days.
Dealer submits short deal bundle to loan specialist.
Bank orders examinations and decides least short deal cost.
Real estate professional markets the property and has 120 days to sell.
Real estate professional must submit short deal offer to bank in 3 days.
Loan specialist reaction to RASS (solicitation to favor a short deal) in 10 days (endorsed or not).
Short Sale purchaser has at least 45 days to bring the short deal to a close.
How about we watch a portion of the focuses in the HAFA course of events above
Point 2, we see the borrower has 14 days to acknowledge a Short Sale Agreement (SSA). – A SSA is an agreement between the property holder and servicer – that will include:
A rundown cost pre-endorsed by the servicer
The period of time the property will be showcased available to be purchased
An understanding discharging the mortgage holder from all future obligation after the property is sold
The measure of the month to month contract installment, assuming any, that the borrower will be required to pay during the term of the SSA
Data about the $3000 migration help in the wake of shutting
An understanding that so long the borrower acts as per the details of the SSA, the servicer won’t total a dispossession deal.
– For the property holder to acknowledge this offer, they should finish the accompanying errands:
If you don’t mind consent to and return this Arrangement. All proprietors of the property must consent to this Arrangement.
Acquire your dealer’s mark to recognize this Agreement, on the grounds that your agent assumes a significant job on selling your property. The Short Sale Program segments (pages 2-4) contain significant data that you and your specialist should survey and talk about.
Incorporate a duplicate of your consented to posting arrangement.
Remember data for different liens made sure about by your home, (for example, home value advances, mortgage holder affiliation liens, charge liens or decisions).
[Insert just if applicable:] Complete and sign the Hardship Affidavit structure.
We should have these reports by [insert date 14 schedule days from this request]. It would be ideal if you send us these reports at the accompanying location: [insert servicer address]. Point 4, Bank request’s an evaluation (BPO – Broker Price Opinion) – BPO must be:
In light of an inside and outside review
Dated inside 90 schedule days of the date the loan specialist/servicer marked the underlying SSA with the property holder.
Performed by a seller endorsed by the loan specialist/servicer.