Loan Modifications HAMP HAFA Home Affordable Foreclosure Alternatives (HAFA) Las Vegas Nevada
Guidelines and Overview
Hello everyone, I have been receiving telephone calls (702-307-4070 ext 107) from Las Vegas Homeowners asking me questions about these new Loan Modification Programs by the Government that are starting April 5, 2010. When do they start? Do I qualify? What happens if I do not qualify what are my Options? What are the requirements? What is HAMP HAFA RASS SSA? If you have any questions that I can Help you with, call me at 702-307-4070 ext 107 and I will be happy to advise you. Please read below a Helpful Overview that will answer majority of your questions in regards to these Government Loan Modifications:
- HAMP: Home Affordable Modification Program
- HAFA: Home Affordable Foreclosure Alternatives
- RASS: Request for Approval of a Short Sale
- SSA: Short Sale Agreement
- 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
Requirements
- 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 orrower (or listing broker) must submit a completed RASS to the servicer
- Servicers have 10 days to accept or deny a short sale request (RASS)
Steve & Gerri Wadkins, Realtors®-Advanced CDPE-SFR-Short Sales and Foreclosures Resource Specialists.