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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Neither buyers nor homeowners may earn a commission in connection with the short sale, even if they are licensed real estate brokers or agents. Submit a Rqss Cancel reply You must be logged in to post a comment.

The Treasury Department and GSE guidelines state that junior lien holders may not receive additional contributions. Those enterprises have issued their own HAFA guidance and forms and are still considering whether to adopt the changes. 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. We are not saying one thing or another more than just we are going to be very cynical before we claim that this is going to be a great program.

They will not confirm to this at first but eventually they will get better.

Lender Specific Forms:

There is no list price review or reduction strategy. They will have 10 day window. Anyone say Lawyer time?

The RASS 45 Upon receiving your package, borrower will be assigned a single point of contact. Auth with social network: What is a Hardship Affidavit?

Servicers specify reasonable and customary commission up front Loss Mitigation Specialist and Agents may negotiate this. 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 and more of a suggestion with some incentives. Servicers must evaluate all homeowners with loans that are held or guaranteed by the GSEs with some exceptions.

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Module 4: The RASS & Alt. RASS 49 4-1. The RASS 49 4-2.

What are the representation rules on HAFA transactions? 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. 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.

As for now some of the largest participants, Fannie Mae and Freddie Mac, are still haga to decide how they are going to implement the programs themselves.

The ability to make mortgage payments, but choose not to do so strategic default. Implementation Guidelines stated the period starts Foreclosure sale is scheduled to be held within 60 days. firm

The investor must waive rights to seek deficiency judgment and may not require a promissory note for any deficiency. Allows homeowners to receive pre-approved short sale terms before listing the property including the minimum acceptable net proceeds and formm closing costs. The main highlights of this coffee table topper are as follows: As of July 13th Bank of America received a new guidelines or in the business it is called a PennyMac approval of purchase contract. All the incentives will still apply but the process will be back to the short sale program that we all know and love.

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

Homeowner cannot be within 60 days of foreclosure sale date without Fannie approval. New rules announced on March 12th the homeowner can not be pursued for a deficiency. If the homeowner and the listing broker decide to participate, both must sign the SSA, agreeing to its terms.

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Can use homeowner financial and hardship information already collected in connection with consideration of a loan modification under HAMP. These groups will generally work with all types of homeowners from those that own one home their personal residence and are prepared to work with investors who may own several homes but feel that they will not forj for this program.

Forms are expected to be be complicated even for professionals and it is actually part of the program homeowners will have to use a Real Estate Agent.

We will order one interior broker price opinion BPO and an appraisal desk review for the reconciled property value. The fomr may not list the property with anyone with whom they are related or have a close personal or business relationship, nor may the buyer be represented by such a person. Submission of purchase contracts from the borrower. Toll Free Deed-In-Lieu should be considered in all cases where the property does generate an acceptable short sale.

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

Any questions regarding the information contained in this matrix should be directed solely to PennyMac. HAFA must be implemented by all servicers for all conventional mortgage loans that are held or guaranteed by Fannie and Freddie with some exceptions. 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.