Santa Clarita Certified Distressed Property Experts | Help Homeowners Understand HAFA

A questions many homeowner ask us is our loan eligible if all of the following conditions are met?

• Property is borrower's principal residence

• Loan is a 1st lien mortgage • Originated before Jan 1, 2009

• Mortgage is delinquent or default is reasonably foreseeable

• Current unpaid balance is equal to or less than $729,750

• Borrower's total monthly mortgage payment exceeds 31% of borrower's gross income.

Servicers must consider HAMP eligible borrower for HAFA within 30 days of the date the borrower:

• Does not qualify for trial period plan

• Does not successfully complete trial period plan

• Is delinquent on HAMP modification by missing at least two consecutive payments

• Requests a short sale or Deed-in-Lieu

• Servicer must proactively notify the borrower in writing of the availability of a short sale and deed-in-lieu

• Servicer allows borrower 14 days to contact them with interest in these options

• After this timeline servicer has no further obligation to extend the HAFA offer

• Servicer issues Short Sale Agreement (SSA) along with Request for Approval of Short Sale (RASS) Document

• The servicer will send documents either proactively or at the request of the borrower

• Once SSA is issued the borrower must sign and return SSA within 14 days of its effective date, along with real estate broker listing agreement and information regarding subordinate liens

• Within three days following the receipt of an executed purchase offer, the borrower (or listing broker) must submit a completed RASS to the servicer

• Servicers have 10 days to accept or deny a short sale request (RASS)

This Program will help those homeowners meeting the above listed eligibility requirements, please click Santa Clarita Pre Foreclosure Specialists for free reports on HAFA and the eligibility requirements. If you would like to know if your lenders is participating in HAFA please give us a call.