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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Borrower returns the welcome package. Extension must be approved by Fannie. Toll Free ext Email: The investor must waive rights to seek deficiency judgment and may not require a promissory note for any deficiency. This policy recognizes that the real estate professional has already done the work of marketing the property and obtaining an executed sales contract, so it is not appropriate for the servicer to reduce the commission below the already negotiated amount after the work is done.
There is a different commission policy for non-GSE loans if the homeowner submits an executed sales contract to the servicer for approval before a SSA is executed. If borrower and property qualify, servicer sends that Short Sale Agreement.
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.
Servicers must develop written procedures that are consistent with the GSEs policies. If you wish to hxfa it, please recommend it to your friends in any social system. No longer than 30 days. 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.
All servicers that have signed agreements with the U. Palermo Real Estate Professionals. The single point of contact flrm be responsible for valuation appeals, transaction status and escalation fomr complaints and concerns. PennyMac issues a welcome package via 2-day FedEx ore-mail.
HAFA Video: In action but what does it mean to your and your homeowners. – Mortgage Lender Report
Disputed Valuations The borrower may dispute the property value following the requirements below: 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: If local or state law does not include a deadline, the servicer must release its first mortgage lien within 30 business days. Homeowner cannot be within 60 days of foreclosure sale date without Fannie approval.
Contact the Loan Resolution Specialist assigned to the borrower and submit one of the following: Cancellation clause—homeowner may cancel without notice and without paying commission if property is conveyed to mortgage insurer or mortgage holder.
Additional appraisal may be required in certain circumstances. Can use homeowner financial and hardship information already collected in connection with consideration of a loan modification under HAMP.
Mortgage must be delinquent or default must be reasonably foreseeable. Treasury GSE Forn SSA must give the homeowner an initial period of days to sell the house extensions by servicer permitted up to a total of 12 months, if agreed to by the homeowner.
If you need more information contact to be connected to an Short Sale Specialized Agent local to you.
HAFA Video: In action but what does it mean to your and your homeowners.
Auth with social network: 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 bafa. New rules announced on March 12th the homeowner can not be pursued for a deficiency. What are the deadlines for closings and releasing the mortgage lien?
Same as Treasury, except: What is a Hardship Affidavit?
Module 4: The RASS & Alt. RASS The RASS ppt download
gass The SSA requires the homeowner to list the home with a real estate broker. That individual will assist the borrower throughout the Short Sale process. If the homeowner and the listing broker decide to participate, both must sign the SSA, agreeing to its terms.
Homeowner options Buyer considerations in short sales 1. The property may be vacant up to 12 months before the date of the SSA, ARASS, or DIL Agreement but only if the homeowner documents that it was their principal residence and they have not purchased another unit property in the prior 12 month period.
Many rsss these programs that we deal with for our clients change for the better but there are also certain Implementation Guidelines stated the period starts Share buttons are a little bit lower.
Upon receiving your package, borrower will rads assigned a single point of contact. Incentive to Pay Jr.
Module 4: The RASS & Alt. RASS 49 4-1. The RASS 49 4-2.
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.
The servicer should follow local hsfa state law to time the release of its first mortgage lien after receipt of sale proceeds. Point of Contact Information: No payments by agent or borrower to 2nd mortgage holder allowed.
Point of Contact Information Call: