Membership Outreach HAFA Class

w w w . M a r k i L e m o n s . c o m

Chicago Association of REALTORS®

Home Affordable Foreclosure Alternative

Focused on Real Estate!

Marki LemonsSpeaker@Marki_Lemonshttp://www.linkedin.com/in/markilemons

#CARMO

S I M P L I F Y I N G T H E D I F F I C U L T

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Alarming Statistics

The rate of foreclosure remains high.

What is a Short Sale?

A short sale occurs when a lender is willing to accept less than the full

mortgage pay off.

Short Sale

Home Affordable

Foreclosure Alternatives2-3

No occupancy requirement for HAFA eligibility

Payment on 1st Lien Does Not Have To Exceeds 31% of Gross Income

• Includes:– PITI – Flood Ins., Condo Assn Fees & HOA

Fees• Does not include:

– Mortgage Insurance– Sub. lien payments

Gross Income: Includes All Income

SELLER ADVANTAGES

• $3,000 cash to seller• Foreclosure suspension• Liability release• No notes or $$$ contributed• More $$$ for 2nd liens up to $8,500• Pre-approved short sale• Deed-in-lieu possible with $3,000

Credit

The requirements in Section 11.2, Chapter IV of the Handbook related to credit bureau reporting of HAFA transactions are amended as follows:

If the real estate is sold for less than the full balance owed and the deficiency balance is forgiven, report the following Base Segment fields as specified:

Account Status Code = 13 (Paid or closed account/zero balance) or 65 (Account paid in full/a foreclosure was started), as applicable.

FHA 2 yrs BK 3 yrs Foreclosure 3.5% Down FHA-580 Minimum Lenders 620

Minimum

Fannie Mae/Freddie Mac

4 yrs BK 2 yrs Short Sale 4 yrs Deed-in-Lieu 5 yrs Foreclosure 10% Down 680 FICO Investor=7yrs

ADVANTAGES FOR REAL ESTATE PROS

• Standard forms• No $$$ contribution• No last minute

commission negotiations• Quicker approval or denial• Listing remarks

HAFA ELIGIBILITY

1-4 family $729,750 balance (SFR) 1st position loans Originated on or before 1-1-09 Payment on 1st loan does not have to exceed

31% of gross income Hardship Delinquent or default reasonably

foreseeable

HAFA FEATURES

Pre-approved short saleSpecified time linesCommissions protectedFull release of liability on 1st and

subordinate loansForeclosure sale suspension

HAFA FEATURES (CONT’D.)

Payment forbearance or reduction$3,000 to Seller Servicer incentivesUp to $8,500 for subordinate lien

holders Investor reimbursement for

subordinate lien releases

WHO’S PARTICIPATING

All servicers in HAMP1st mortgagesServicers establish policies based

on investor guidelinesInvestors in non-GSE loans may

not approve HAFA short sales

WHO’S PARTICIPATING

Fannie & FreddieAre the investorsEstablish separate guidelines

FORECLOSURE SUSPENSION

Potentially eligible borrowers must be considered for HAFA: Prior to commencing

foreclosure Before foreclosure sale is

conducted

For non-GSE loans: Pursuant to servicer’s policy

BORROWER ALREADY IN HAMP

Servicer Must Consider Borrower for HAFA… Within 30 days from date the borrower:– Does not qualify for trial

modification– Does not complete trial

modification– Is delinquent on modification– Requests a Short Sale

BANKRUPTCY

Considered for HAFA if requested

SSARASSAlt. RASSDIL

NON-OWNER OCCUPIED EXEMPTION:

Vacant up to 90 days prior to:SSA orAlt RASS and

Job transfer or new employment 100 miles or more and

Not purchased another home within previous 90 days

DEFAULT FORESEEABLE

Imminent default evaluated by servicer based on borrower’s debts,

expenses, income & assets

MAXIMUM UNPAID BALANCE

1 Unit: $729,750 2 Units: $934,200

3 Units: $1,129,250 4 Units: $1,403,400

Supplemental Directives & Announcements

• Supplemental Directives• US Treasury• 28 Updates

• Announcements• Fannie Mae

www.makinghomeaffordable.gov

eFannieMae.com

www.freddiemac.com

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MarkiLemons.com

NEW! Awesome Video Card

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HAFALANGUAGE

QR Code Call to Action

A card that converts to video with QR

Door Hanger-Same Script

Marki Lemons

Speaker

@Marki_Lemonshttp://www.linkedin.com/in/markilemons

#CARMO

Thank You.

Membership Outreach HAFA Class

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