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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Homeowner options Buyer considerations in short sales 1. Pacific Time Zone Saturday: Palermo Real Estate Professionals.
Short Sale Forms
May 29, Eligibility Requirements. A real estate property valuation, such as BPO or appraisal, conducted eass the past 6 months. The borrower calls and PennyMac verbally prequalifies them over the phone. Those enterprises have issued their own HAFA guidance and forms and are still considering whether to adopt the changes.
What are the required clauses for the listing agreement? How will HAFA improve the short sales process?
Module 4: The RASS & Alt. RASS 45 4-1. The RASS 45 4-2.
Upon receiving your package, borrower will be assigned a single point of contact. 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:. The amount of the commission in haga a case is the amount negotiated in the listing agreement, not to exceed 6 percent.
All the incentives will still apply but the process will be back to the short sale program that we all know and love.
Same as Treasury, except closing must be no later than 60 days after the contract execution or approval, whichever occurs later. Disputed Valuations The borrower may dispute the property value following the requirements below: This must be negotiated. HAFA is not guaranteed as not all lenders will be participating.
The SSA requires the homeowner rorm list the home with a real estate broker. The borrower rsas initiate a deed-in-lieu of foem request on the initial day of the application, but no later than 90 days after the Short Sale Agreement SSA is assigned. How is the program being implemented? Can use homeowner financial and hardship information already collected in connection with consideration of a loan modification under HAMP.
Auth with social network: Components of effective short-sale package Why short sales flrm 4. What is a Hardship Affidavit? If it is agreeable then they will both sign and send back. Submission fodm purchase contracts from the borrower. The December 28,update directs servicers to include a statement, within the SSA or ARASS forms, that any associated vendor fees will not be charged to the homeowner or deducted from the real estate commission.
Homeowners in Jeopardy Homeowner cannot be within 60 days of foreclosure sale date without Fannie approval. Any questions regarding the information contained in this matrix should be directed solely to PennyMac. The seller 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. Extension must be approved by Fannie.
Fannie Mae will consider extensions but it must not otherwise delay a foreclosure sale. Servicers must not consider a homeowner who requests the HAFA program, or solicit a homeowner who is unable to retain their home with the hafx of a HAMP loan modification, without prior written consent by Fannie if: Anyone say Lawyer time?
Incentive Payments are going to be given to those that qualify to help all parties work towards getting a success short sale agreement: Same as Fannie, except closing must not be later than 60 calendar days from date of contract without the fodm of Freddie.
HAFA Video: In action but what does it mean to your and your homeowners. – Mortgage Lender Report
The main highlights of this coffee table topper are as follows: Servicers must evaluate all homeowners with loans that are held or guaranteed by the GSEs with some exceptions. Toll Free Escalation Contact: 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.
If the homeowner and the listing broker decide to participate, both must sign the SSA, agreeing to its terms. Under HAFA, an agent is not permitted to rebate any funds or commission to either the homeowner or the buyer from the sale of the property.
More information to roll out over the next couple of weeks. If you have any questions or concerns sign in with any of your favorite logins and put up those questions.
First form that the servicer prepared. Submit a Comment Cancel reply You must be logged in to post a comment. Additional appraisal may be required in certain circumstances. If there is no purchase offer at the listing price after 60 days, borrower should consider deed-in-lieu of foreclosure.
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. First lien must be short more than value of the property and have been originated before January 1, As for now some of the largest participants, Fannie Mae and Freddie Mac, are still trying to decide how they are going to implement the programs themselves.
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.