HAFA and HAMP program requirements in Sonoran Foothills

By
Real Estate Agent with Kelli Grant Group | Berkshire Hathaway AZDRE #SA562433000

What is HAFA and HAMP program requirements in Sonoran Foothills (Home Affordable Foreclosure Alternatives)?

· What is HAMP (Home Affordable Modification Program)?

· What is HARP (Home Affordable Refinance Program)?

· What is HASP (Home Affordable Stabilization Program)?

· What is an ARASS (Alternative Request for Approval of Short Sale)?

 

Has it all gotten a little confusing? Here are a few rules for HAMP and HAFA that may make things a little easier for you:

Short sales for HAFA and HAMP program requirements in Sonoran Foothills must be arms length

There must be a hardship

Servicers and investers in the HAFA and HAMP program requirements in Sonoran Foothills must accept full satisfaction in short payoff

Servicers and ivestors will accept reasonable and customary costs

Short sale or Deed in Lieu with no deficiency judgement

Real Estate commisions as part of HAFA program requirments in Phoenix AZ cannot be reduced as a condition of the approval.

HAFA and HAMP program requirements in Phoenix must be a primary residence and occupied

The first lien must have been originated prior to January 01, 2009, in order to meet the HAFA and HAMP program requirements in Sonoran Foothills.

 

Who is Supporting HAFA?

Lender and loan servicers participating in HAFA and HAMP program requirements in Phoenix must have signed a servicer participation agreement with Fannie Mae - the program administrator and financial agent representing the United States  - to participate in HAMP and HAFA by December 31, 2009. Therefore, most lenders are participating. As of April 5th,  lenders have been developing comprehensive programs in order to prepare for the expected flood of applications for short sale agreements and deeds-in-lieu of foreclosure that HAFA and HAMP programs in Phoenix are expected to unleash.

Bank of America HAFA and HAMP program requirements in Sonoran Foothills

  • Bank of America announced in March its commitment to participate in HAFA when it activates. It has been preparing for a more streamlined process for months though its support of HAMP.
  • Bank of America's short sale processor Equator has announced the launch of a brand-new best practices software workflow solutions directly related to HAFA

Citibank

  • Citibank has met the HAFA and HAMP program requirements in Sonoran Foothills and is participating

GMAC Financial Services

  • GMAC has started a program to preemptively contact borrowers who are not eligible for loan modifications under HAMP and offering discussing alternatives through HAFA and claims a three-day turnaround on short sale applications

Lenders Asset Management Corporation (LAMCO)

  • LAMCO has been training teams of specialists to support mortgage servicers comply with HAFA and quickly negotiate short sales

Wachovia

  • Wachovia will participate in HAFA and HAMP program requirements in Sonoran Foothills

Wells Fargo

  • Wells Fargo is participating in HAFA and HAMP program requirements in Sonoran Foothills
  • Wells Fargo has been ramping up efforts to assist homeowners by actively contacting those who are facing hardships
Posted by

Kelli Grant is a CLHMS and Member of the Institute for Luxury Home Marketing

   resort and second-home property specialist

www.KelliGrantGroup.com | Real Estate Advisors helping you make decisions best for you.

 


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Rainmaker
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Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Short Sale Buyers and Sellers who ignore the Arms Length requirements risk legal consequences - both criminal and civil.

Dec 18, 2010 01:59 AM #1
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