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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Module 4: The RASS & Alt. RASS The RASS ppt download
How will HAFA improve rss short sales process? 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. Foreclosure could be initiated and reasonably expected to result in a foreclosure sale being held within 60 days.
Establishing Property Value We will order one interior broker price opinion BPO and an appraisal desk review for the reconciled property value. They may not have any side deals to receive a commission indirectly.
Toll Free Escalation Contact: This must be negotiated. No other agreements or offers not disclosed to servicer We think you have liked this presentation.
HAFA Video: In action but what does it mean to your and your homeowners.
Submission of purchase contracts from the borrower. Upon receiving your package, borrower will be assigned a single point of contact.
Foreclosure sale is scheduled to be held within 60 days. Treasury Fannie Freddie Note: 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.
Principal Residence may have moved for job, etc.
Module 4: The RASS & Alt. RASS 45 4-1. The RASS 45 4-2.
No payments by agent or borrower to 2nd mortgage holder allowed. They will have 10 day window. We suggest to use a Loss Mitigation Specialist who will deal with hundreds of issues and see rass different reasons where 2nd liens may not be willing to participate in this program.
First form that the servicer prepared. Auth with social network: Incentive Payments are going to be given to those that qualify to help all parties work towards getting a success short sale agreement: Include the rxss information so PennyMac can confirm the sale data through online resources such as Trulia, Zillow and Real Quest.
What is a Hardship Affidavit? Servicers must evaluate all homeowners with loans that are held or guaranteed by the GSEs with some exceptions. Order a field review of the borrower supplied appraisal from an approved PennyMac vendor, if the borrower provided an interior appraisal.
The mortgage loan is secured by a property in Florida on which foreclosure proceedings are pending, judgment has been obtained, or a hearing on summary judgment or trial is scheduled within 60 days.
First lien must be short more than value of the property and have been originated before January 1, Order an interior appraisal from an approved PennyMac vendor, if the borrower provided any other supporting documentation other than a full interior appraisal. Incentive to Pay Jr.
Requires homeowners to be fully released from future liability for all mortgage hqfa no cash contribution, promissory note, or deficiency judgment is allowed. The RASS 45