HAFA RASS FORM PDF

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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HAFA Video: In action but what does it mean to your and your homeowners.

Those enterprises have issued their own HAFA guidance and forms and are still considering whether to adopt the changes. Borrowers who are in bankruptcy are eligible with bankruptcy court approval Borrower must deliver clear and marketable title PennyMac will work with the borrower to clear subordinate liens Loans with mortgage insurance require approval from the jafa The current Unpaid Principal Balance UPB of the mortgage loan, not including arrearages, is not greater than: Implementation Guidelines stated the period starts The borrower calls and Rasw verbally prequalifies them over the phone.

The borrower will receive this. Homeowners in Jeopardy If you wish to download it, please recommend it to your friends hfaa any social system. Establishing Property Value We will order one interior broker price opinion BPO and an appraisal desk review for the reconciled property value.

Servicers specify reasonable and customary commission up front Loss Mitigation Specialist and Agents may negotiate this. Foreclosure could be initiated and reasonably expected to result in a foreclosure sale being held within 60 days.

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Contingency clause—sale is subject to written agreement of all sales terms by the mortgage holder and, if applicable, mortgage insurer. If you have any questions or concerns sign in with any of your favorite logins and put up those questions. Download ppt “Module 4: Neither buyers nor homeowners may earn a commission in connection with the short sale, even if they are licensed real estate brokers or fom.

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. If it is agreeable then they will both sign haca send back. Any questions regarding the information contained in this matrix should be directed solely to PennyMac.

Evidence of 3 proximate and comparable closed sales hafz already considered by the PennyMac ordered valuation product.

What forms are used to participate in the program? Submit a Comment Cancel reply You must be logged in to post a comment. We suggest to use a Loss Mitigation Specialist who will deal with hundreds of issues and see many different reasons where 2nd liens may not be willing to participate in this program. About project SlidePlayer Terms of Service. The servicer transmits the SSA to the homeowner for consideration of its terms.

HAFA Matrix – PennyMac

Delinquent or Imminent Default Making less money, running out of savings, etc. 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.

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May 29, Eligibility Requirements. The Treasury Department guidelines and forms, updated on December 28,and March 30,do not apply to loans owned or guaranteed by Fannie Mae or Freddie Mac the housing government sponsored enterprises, or GSEs.

Documentation Required from the Borrower: Includes warning about phantom income — may be exempt Closing and payment instructions are included Short sale approved this program will be given at least 45 days to get the deal closed IF the servicer disapproves or declines the short sale they will need to e xplain why it has been declined: Pacific Time Zone Saturday: Courtesy of the National Association of Realtors www.

Additional appraisal may be required in certain circumstances. The Short-Sale Package This must be negotiated. OK In this module: Failure to disclose the second offer Lender takes bigger loss 47 The investor must waive rights to seek deficiency judgment and may not require a promissory note for any deficiency.

Lender Specific Forms:

Centralized Servicing Center — 62 Registration Forgot your password? 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.

Extension must be approved haafa Fannie.

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