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George Kenner, Broker Associate San Diego, Ca. 619-723-5714 The Governments New Short Sale Rules g.kenner@yahoo.com
READ THE NEW FREDDIE MAC GUIDELINES HERE HERE ARE THE FANNIE MAE HAFA RULES THE BIG BANKS EMBRACE "HAFA" SEE THEIR LINKS HERE Bank of America Chase Indy Mac E Mail or Call Me to find out if your loan belongs to Fannie Mae or Freddie Mac
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PAGE ONE ANSWERS Questions 1 to 4 NOTE: All Quotes taken from the HAMP Supplemental Directive 09 09 Revised are in italics and underlined . The pages numbers are those assigned in the Directive, We are happy to provide the "HAFA" Progam in a PDF format. Please Request it from George or any of the other team members.
Question 1. How do I know what I am reading is valid information? So much of what I am hearing on the news about housing, loan modification and foreclosure seems to be filled with half truths or is just wrong.
Answer: I would suggest going to the web site address at the end of this answer and find the Supplemental Directive or just search the Internet. Then I would call the toll free number that is on page A7 in the “Forms Section” of this document.1-888-995-HOPE (4673) Call the telephone number and ask them any question you would like. I encourage you to verify the contents of the Supplemental Directive 09 –09 also know as “HAFA”. https://www.hmpadmin.com/portal/docs/hafa/sd0909r.pdf Note: The Treasury Department often moves documents on their servers so this web address may only be active for a short period of time. We have also posted the HAFA Program Links from other sites for your review including The National Association of Realtors.
Question 2. I am really more interested in keeping my home and I want to do loan modification, I want to make sure that I am not forced into something that I do not want. How do I know my loan modification was considered before I was told to “ Short Sell” my property?
Answer: On page 3 second paragraph under HAFA Consideration it states. “Servicers may not solicit a borrower for HAFA until the borrower has been evaluated for HAMP modification in accordance with the provisions of Supplemental Directive 09-01 and any supplemental HAMP guidance.
Question 3. How do I know who qualifies for HAFA and a “Short Sale” or Deed in Lieu of Foreclosure?
Answer: On pages 3 and 4 the qualifications are listed the following requirements are the considerations. · The property is the borrower’s Principle Residence: · The mortgage loan is a first lien mortgage originated on or before Jan. 01, 2009 · The mortgage is delinquent of default in reasonably foreseeable; (exceptions apply*) · The current unpaid balance is equal to or less than $729,750.00 (more for units) · The borrower’s total monthly mortgage payment (as defined in Sup Directive (09-01) exceeds 31 percent of the Borrowers income.
Question 4. When and how will I find out a “HAFA” short sale is an option? Answer: On page 13 there is a section mid way down the page titled STANDARD FORM DOCUMENTS. This details the standard forms that have been approved and will be used by the lenders. Now if we go to the first form on page A-1 in the “Forms Section” you will see a draft letter designed to be sent to the borrower. This letter details “HAFA” and the “SHORT SALE PROGRAM”. This multi page letter, sent by their lender is how many people will find out a short sale is an option.
EXCEPTION * When Freddie Mac announced the Program would be come mandatory for all their loans they stated that the loan must be 60 days delinquent to qualify for HAFA consideration.
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g.kenner@yahoo.com with
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