This is a group to discuss the HAFA (Home Affordable Foreclosure Alternatives) Program, which is to streamline the short sale process.
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Latest Activity: Dec 20, 2016
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Need To Qualify For HAFA? ![]() |
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There seems to be ALOT of discussion on the site about the new HAFA short sale streamlining program that went into effect on April 5th. I figure at least we can try to keep some of the discussion together on here! The HAFA or Home Affordable Foreclosure Alternatives program is part of HAMP (Home Affordable Modification Program) and is an attempt to streamline the short sale process that went into effect April 5th 2010. Below we have also posted a general breakdown and information on the HAFA Short Sale Program Guidelines.
CLICK HERE for the complete version. Here is the "condensed" version we made up of the program, we now have a printable version of this breakdown along with a list of participating servicers and lenders on the preferred partners site!
***Program Update - Fannie Mae recently joined the HAFA program for short sales, follow this link for their specific docs and more information: https://www.efanniemae.com/sf/servicing/hafa/
12/18/10 Home Affordable Foreclosure Alternatives Policy Update- There were many new changes to the HAFA short sale program that just went into effect with this new supplement. We will update all general HAFA program guidelines shortly for our agents. There were some important improvements to the program -
1.) Verification of income is no longer required. In other words, borrowers do NOT need to prove that their payment is greater than 31% of their income. This is essentially a "stated income short sale"
2.) Property does not need to be occupied
3.) 2nd position lien holders WERE capped out to receive a maximum of $6,000 OR6% as a contribution from the 1st (whichever is less). They now removed the "6%" from the guidelines completely. (in other words, a $60K 2nd loan could NOW recieve up to $6,000 from 1st, where before the maximum allowed would have been $3,600).
Home Affordable Foreclosure Alternatives documents:
HAFA Short Sale Agreement (SSA)
HAFA Request for Approval of Short Sale (RASS)
HAFA Alternative Request for Approval of Short Sale
HAFA Deed in Lieu for Foreclosure Agreement
HAFA Data Dictionary
HAFA Form 4506-T Request for Transcript of Tax Return
HAFA Hardship Affidavit
HAFA Request for Modification and Affidavit (RMA)
Below is our basic breakdown of the HAFA government short sale program. For a complete HAFA training portal, including Fannie Mae and Freddie Mac HAFA guidelines as well as training on the HAP Military short sale program, see the CSSG Certified Short Sale Guide short sale training course.
This is copyrighted content. Please DO NOT COPY or reuse this content in ANY way!
HAFA - Home Affordable Foreclosure Alternatives
In order to qualify:
Timeline:
Approval
Within 10 business days of receiving the RASS and all required attachments, the servicer must approve or deny the request and inform the buyer. If the request is disapproved, a statement of reasoning must be given.
The first mortgage lien must be released in accordance with local or state laws or regulations. If there are none set in place, the lien should be released within 30 business days from the date the servicer receives payment and satisfies the mortgage.
Reasons for Cancellation:
Please see the CSSG Online Training Designation for complete HAFA program trainingincluding Fannie Mae and Freddie Mac Guidelines, as well as training for the HAP military program.
Please do not copy or reuse this content in ANY way! This is copyrighted content of First Coast Realty Associates and The Short Sale Specialist Network.
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What issues or concerns do you have with the HAFA government short sale program? Lets discuss ANYTHING to do with HAFA on here!
Started by Sara Mehrpouyan Los Angeles CDPE. Last reply by Kevin - Greenville, SC Mar 23, 2013. 10 Replies 0 Likes
HAFA approved short sale (1st loan is with Pennymac) - they do not want to give full $8500 to 2nd loan. The first may pay UP TO $8500. Has anyone had a 2nd accept less than $8500 recently with HAFA?…Continue
Started by wayne brooks. Last reply by wayne brooks Aug 3, 2012. 5 Replies 0 Likes
Am I correct that if the bank gets the foreclosure Judgement, prior to HAFA approval, that the Owner no longer qualifies for HAFA?Continue
Started by Amie Jensen. Last reply by Joe Beauchamp Jun 27, 2012. 9 Replies 0 Likes
I have a 1st with PNC (Fannie investor) who said my clients were eligible for HAFA. The 2nd is with Nationstar, a private investor & they will not allow HAFA. Has anyone had any luck working…Continue
Tags: allow, participate, won't, heloc, pnc
Started by Carmen Chavez. Last reply by Anwar hossain Jun 17, 2012. 4 Replies 0 Likes
need your help...I have a HAFA approved short sale with an offer that was HAFA approved...the Wells Fargo hafa approval expires the end of May...the buyer with the approved HAFA offer is bailing…Continue
Started by Donal J Dowling. Last reply by Joe Beauchamp Jun 1, 2012. 3 Replies 0 Likes
Greetings to AllI have done many, many short sales ,but this is my first HAFA to be actually approved .Wells is the first and I have the approval from them with the 6k for the 2nd which happens to be…Continue
Started by Mike Linkenauger. Last reply by Terry L. Osburn, SFR Apr 1, 2012. 7 Replies 0 Likes
We have had the HAFA (Home Affordable Foreclosure Alternatives) government short sale program for just about two years now. I just wanted to see HOW you guys think the HAFA program has worked so…Continue
Tags: HAFA short sale process, Qualify for HAFA Program, government short sale program, HAFA program, Home Affordable Foreclosure Alternatives
Started by Steven Pawera. Last reply by Steven Pawera Mar 23, 2012. 3 Replies 0 Likes
We've all know about the problem with the old RMA, and having to explain to sellers, 'yes it says 'modification' but it's also used for your short sale'.We now have a 'new' form to attempt to address…Continue
Started by Mike Linkenauger. Last reply by Tamilyn Simard Mar 15, 2012. 10 Replies 0 Likes
The Obama Administration has announced updates to its HAFA Program which will help expand the…Continue
Started by TJ. Last reply by Connie Martin Jan 6, 2012. 6 Replies 0 Likes
I am in the process of working with Wells fargo to short sale my home. i want to get out immediately but they say I have to have my home on the market for 120 days. I wish I could do the HAFA but but…Continue
Started by Tamilyn Simard. Last reply by Kevin - Greenville, SC Dec 14, 2011. 7 Replies 0 Likes
I just found out on July 1st that FNMA is now making all of their servicers work their HAFA short sales and BofA had to pull my file from UTLS who has had the file since early April with an offer. I…Continue
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Started by Sara Mehrpouyan Los Angeles CDPE. Last reply by Kevin - Greenville, SC Mar 23, 2013. 10 Replies 0 Likes
Started by wayne brooks. Last reply by wayne brooks Aug 3, 2012. 5 Replies 0 Likes
Started by Amie Jensen. Last reply by Joe Beauchamp Jun 27, 2012. 9 Replies 0 Likes
Started by Carmen Chavez. Last reply by Anwar hossain Jun 17, 2012. 4 Replies 0 Likes
Started by Donal J Dowling. Last reply by Joe Beauchamp Jun 1, 2012. 3 Replies 0 Likes
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