HAFA is a government sponsored short sale and deed-in-liue program. It is an extension of the HAMP loan modification program. This slide show takes you through the HAFA process.
18. General Terms and Conditions Must Waive Deficiency Rights
19. General Terms and Conditions Servicer, Investor, Lien Holders & Borrowers
20. General Terms and Conditions Prior to Sale Servicer Must Determine Acceptable Minimum Net Proceeds
21. General Terms and Conditions Exception for Non-Profits that Intend to Rent or Re-sell to Borrower HAFA now allows servicer to enter into a borrower deed for lease or borrower repurchase agreement
22. Servicers must post their eligibility matrix on their website by October 15, 2011 Qualifying for HAFA
32. Even if borrower fails to respond servicer can still consider them for HAFA No longer need to show monthly mortgage payment exceeds 31% of monthly gross income THE HAFA SHORT SALE AGREEMENT PROCESS
51. Either list price approved by servicer or expressed as net price On or before 10-15-11 each servicer must have plan to periodically re-evaluate property value
52. THE HAFA SHORT SALE AGREEMENT (SSA) Closing and Other Expenses
53. Reasonable and customary for community where property is located Servicer must describe the costs that can be deducted
114. U.S. HAFA Short Sales and DIL’s April 2010 to June 2011 Source: Making Homes Affordable June Report U.S. April 2010 to May 2011 Completed Total HAFA Short Sales & DIL’s 21,412 10,754 BofA 2,824 1,873 JP Morgan Chase 7,722 3,596 Litton Loan Servicing 1,119 483 Select Portfolio 1,223 591 Wells Fargo 6,229 3,123 All Other Servicers 2,295 1,088 HAFA Track Record
115. U.S. HAFA Short Sales and DIL’s April 2010 to June 2011 Source: Making Homes Affordable June Report 316 are completed DIL’s U.S. April 2010 to May 2011 Completed Total HAFA Short Sales & DIL’s 21,412 10,754 BofA 2,824 1,873 JP Morgan Chase 7,722 3,596 Litton Loan Servicing 1,119 483 Select Portfolio 1,223 591 Wells Fargo 6,229 3,123 All Other Servicers 2,295 1,088 HAFA Track Record
116. U.S. HAFA Short Sales and DIL’s April 2010 to June 2011 Source: Making Homes Affordable June Report 316 are completed DIL’s 8,724 active files U.S. April 2010 to May 2011 Completed Total HAFA Short Sales & DIL’s 21,412 10,754 BofA 2,824 1,873 JP Morgan Chase 7,722 3,596 Litton Loan Servicing 1,119 483 Select Portfolio 1,223 591 Wells Fargo 6,229 3,123 All Other Servicers 2,295 1,088 HAFA Track Record
117. U.S. HAFA Short Sales and DIL’s April 2010 to June 2011 Source: Making Homes Affordable June Report 316 are completed DIL’s 8,724 active files Compared to approximately 210,000 to 260,000 overall short sales U.S. April 2010 to May 2011 Completed Total HAFA Short Sales & DIL’s 21,412 10,754 BofA 2,824 1,873 JP Morgan Chase 7,722 3,596 Litton Loan Servicing 1,119 483 Select Portfolio 1,223 591 Wells Fargo 6,229 3,123 All Other Servicers 2,295 1,088 HAFA Track Record