On June 1, 2010, Fannie Mae released Servicing Guide Announcement for Fannie Mae’s Home Affordable Foreclosure Alternatives. Program to provide servicer guidance and direction for using the short sale or deed-in-lieu (DIL) process for borrowers who qualified for, but did not complete, a loan modification under the Home Affordable Modification Program (HAMP). Fannie Mae’s HAFA will provides financial incentives to servicers and borrowers who utilize a short sale or a deed-in-lieu (DIL) of foreclosure to avoid a foreclosure on eligible loans, which helps preserve the condition and value of the property by minimizing the time a property is vacant and subject to vandalism and deterioration. The effective implementation date is August 1, 2010; however, servicers are encouraged to implement the Fannie Mae HAFA earlier than that date.
THE HAFA Program Summary
The Fannie Mae HAFA program simplifies and streamlines the use of short or “preforeclosure” sale and deed-in-lieu of foreclosure (DIL) options by incorporating the following unique features:
- Complements HAMP by providing alternatives for borrowers who are HAMP eligible (including borrowers facing imminent default)
- Utilizes verified borrower financial and hardship information collected in conjunction with HAMP, eliminating the need for additional eligibility analysis;
- Allows the borrower to receive pre-approved short sale terms prior to the property listing;
- Prohibits the servicer from requiring, as a condition of approving the short sale, a reduction in the real estate commission agreed upon in the listing agreement;
- Releases the successful HAFA borrower from future liability for the debt;
- Uses standard processes, documents, and timeframes;
- Provides financial incentives to borrowers, servicers and subordinate lien holders.
Incentive Compensation
Servicer Incentives
- Short sale – $2,200 incentive fee
- DIL – $1,500 incentive fee
No servicer or borrower incentive will be paid for short sales on Fannie Mae second lien mortgage loans.
Borrower Incentives
- Short sale or DIL – $3,000 to assist with relocation expenses
In most circumstances, the borrower will receive funds at closing of a short sale or within 5 days after the servicer’s acceptance of a DIL, provided the borrower has vacated the property and left it in acceptable condition.
POSTED: Jun. 4th, 2010
126 COMMENTS
AUTHOR: admin
FILED: X Fannie Mac HAFA 1st June 2010
xbceqsjeg http://www.free-mass-traffic.net/free-mass-traffic/free-mass-traffic-review Free Mass Traffic
This will be an extremely enceinte resourcefulness that you are furnishing and you turn over it away for free. I bask seeing websites that view the value of rendering a prime resource for free. I truly enjoyed reading your Wiley Post. Thanks!
The word is derived from mixed Latin and Greek roots, meaning “far sight”:
Hey, This is a message to the website owner. Please check out my friends website, he is offering a very good service that you may be intrested in. Does your website gain hardly any visitors or not rank for keywords you want it to rank for with Google? Well he can help! He can provide you with tens of thousands of backlinks to your site! Take a quick look as im sure you will be intrested. http://hellomotow.net/backlinks/
Sick and tired of getting low numbers of useless visitors to your site? Well i want to inform you of a fresh underground tactic that makes me personally $900 every day on 100% AUTOPILOT. I possibly could be here all day and going into detail but why dont you simply check their website out? There is a excellent video that explains everything. So if your seriously interested in producing easy hard cash this is the website for you. http://www.autotraffic-avalanche.org
hey I am looking to add your RSS feed to my google reader, but I could not find it. Can you post a link to it?
I will add your blog to the list of useful websites on my informational site as I really do believe that my website followers would find your website to be very useful…
Great After, i did being reading this web blog the past few periods but now write-up took the time to thank you for one’s facts you could be featuring around.
hi everyone, I was just checkin’ out this site and I really like the basis of the article, and have nothing to do, so if anyone wants to have an interesting convo about it, please contact me on skype, my name is ray meautle
Finally a blog that didnt contradict it self, amazing writing.
hi anyone, I was just checkin’ out this blog and I really enjoy the basis of the article, and have nothing to do, so if anyone wants to have an engaging conversation about it, please contact me on twitter, my name is tim johnson
Hi, Merely returned here to remind you regarding Mobile Monopoly. It is a superb technique and WILL make you money, especially seeing as you own a web site. Take a quick look at their video, the system is about using Mobile Advertising which is brand new and an unexposed market where you can make thousands by doing hardly any work. I promise you that after you watch their short video it will change you and it will start making you think. http://mobile-mastermind.com
Mobile Phones are a very important part of our modern world. Almost everyone has a cell phone.Imagine what our scoeity would be without mobile phones.
http://www.apps.indymacbank.comforeclosure auctions
The heavy duties are those that can haul the heaviest cargo loads ranging from 19000 pounds to 33000 pounds They are built heavy and strong to transport heavy goods and materials from the plants or factories to the desired places Since these come with a lot of features they are quite difficult to manufacture Hence only few companies are manufacturing heavy duty trucks Some of the prominent names in the market are International Trucks Ford GMC Kenworth etc They design and manufacture class 6 7 and 8 trucks Some of the popular ones are Ballast tractor Chipper Beverage Packer Semi-trailer etc The medium duty trucks are the trucks that are the most frequently used and popular media of transportation They are categorized as class 3 4 and 5 trucks and can haul a minimum load of 10 000 pounds to the maximum of 19500 pounds These are the most demanding trucks in the market for the transportation of raw materials and industrial products The most popular types of medium duty trucks are Box Flatbed Delivery Garbage Lift Hook lift and Pickup trucks Ford GMC International Trucks Mack Chevy and Kenworth Trucks are some of the prime manufacturers of these types of trucks 2012 toyota tacoma for sale
Pricey Website holder. My wife and i love this article along with your current web page overall! The genuine piece of content is generally especially undoubtedly published along with effortlessly acceptable. Your current WP layout is without a doubt remarkable on top of that! Is going to be wonderful to know just where My partner and i can acquire the fact that. Be sure to support additionally , firm abs fine work. Everyone involve a lot more a lot of these webmasters which includes yourself on the net and much less spammers. Excellent partner!
Significantly, this post is really the sweetest on this notable topic. I harmonise with your conclusions and will thirstily appear ahead in your incoming updates. Saying thanks is not going to just be adequate, for that phenomenal clarity with your writing. I will straight grab your rss feed to stay knowledgeable of any updates. Admirable function and significantly good results inside your business dealings! Please excuse my poor English as it really is not my first tongue.
keep up the superb piece of work, I read few articles on this site and I believe that your site is real interesting and has got circles of good information.
Let me start by declaring great post. Im not confident if it has been talked about, but when using Chrome I can never ever get the entire site to load with out refreshing quite a few times. Could just be my computer. Thanks.
essential post , really good position on the subject and very well written, this certainly has put a spin on my day, umpteen thanks from the USA and keep up the good work
The new Zune browser is surprisingly good, but not as good as the iPod’s. It works well, but isn’t as fast as Safari, and has a clunkier interface. If you occasionally plan on using the web browser that’s not an issue, but if you’re planning to browse the web alot from your PMP then the iPod’s larger screen and better browser may be important.
I seen your blog using google and I must say, this is probably one of the best well prepared articles I have come across in a long time. I have bookmarked your site for more posts.
This article gives the light in which we can observe the reality. this can be very great 1 and gives indepth information. thanks for this nice report
his may be the best blog site for anyone who wants to know about this matter. You know so much its nearly hard to argue with you (not that I really would want…HaHa). You undoubtedly place a fresh spin on the subject thats been published about for years. Great things, just excellent!
Have you ever considered adding more videos for your blog site posts to hold the readers more entertained? I imply I just go through through the entire article of yours and it was really great but since I’m more of a visual learner,I identified that to be more helpful nicely let me understand how it turns out! I love what you guys are always up as well. Such clever work and reporting! Maintain up the fantastic works guys I’ve added you guys to my blogroll. This can be a great post thanks for sharing this informative data.. I will check out your blog site regularly for some latest post.
Spot on with this write-up, I really think this web site wants much more consideration. I’ll probably be again to learn much more, thanks for that info.