HAFA Short Sales US Treasury, Fannie Mae

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HAFA Short Sales US Treasury, Fannie Mae
Freddie Mac Programs
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Module 1 HARP, HAMP HAFA Overview
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What the Heck are HARP, HAMP
HAFA?

• Home Affordable Refinance Program
• Home Affordable Modification Program

Note HAFA does not apply to FHA or VA loans

• Home Affordable Foreclosure Alternatives
• Short Sale
• Deed-in-Lieu

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Seller Advantages

• 3,000 cash to seller
• Foreclosure suspension
• Liability release
• No notes or contributed
• More for 2nd liens
• Pre-approved short sale
• Approval or denial in 10 Biz days
• Deed-in-lieu possible with 3,000

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Advantages for Real Estate Pros

• Standard forms
• No contribution
• No last minute
  commission negotiations
• Quicker approval or denial
• Listing remarks

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HAFA Disadvantages

• Monthly payments?
• Slow start

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June 2012 Changes-Overview

• Owner occupancy eliminated
• 3,000 available to owner-occupants or tenants
• 8,500 available for 2nd loans
• Credit reporting improved
• Extended thru 2013
• Sale must close by 9-30-2014

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Why REALTORS Need to
Know HAFA

• Code of Ethics

• Risk Management Risk Reduction

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Terminology, Definitions Alphabet Soup

• Borrower
• Servicer
• Investor

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Alphabet Soup

• GSE
• GSE Loan (Fannie or Freddie loan)
• Non-GSE Loan

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Alphabet Soup

• SSA
• RASS
• Alt. RASS
• DIL

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More Alphabet Soup

• MANP
• MI

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Supplemental Directives

• Supplemental Directives
• US Treasury

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Announcements Bulletins

• Announcements
• Fannie Mae
• Bulletins
• Freddie Mac

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MHA Handbook Servicing Guides

• MHA Handbook
• Servicing Guides
• Fannie Freddie
• Access through AllRegs
  links

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www.HMPadmin.com
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www.efanniemae.com
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www.FreddieMac.com
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www.MakingHomeAffordable.gov
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HARP
Home Affordable Refinance Program
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HARP Eligibility

• Owner or non-owner occupied, 1-4 family
• Fannie or Freddie loan
• Payments current
• LTV 80 - no max

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HAMP
Home Affordable Modification Program
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HAMP Eligibility

• Principal residence, 1-4 family
• 729,750 max balance (SFR)
• 1st position loans
• Originated on or before 1-1-09

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HAMP Eligibility

• Payment on 1st loan exceeds 31 of gross income
• Financial Hardship
• Delinquent or default reasonably foreseeable

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