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 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 will participate in HAFA and HAMP program requirements in Sonoran Foothills
- 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