Home Affordable Foreclosure Alternatives (HAFA) initiative offers eligible borrowers Form , HAFA Request for Approval of Short Sale (RASS). ▫ Must be. o Alternative Request for Approval of Short Sale – Alternative RASS o Deed-in- Lieu Agreement – DIL o Sample Servicer’s HAFA Matrix o Form Uniform. Have you completed the HAFA Clause Checklist by including necessary Are you prepared to send a Request to Approve a Short Sale (RASS) form within 3.

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All servicers that have signed agreements with the U. However, each servicer has some discretion in determining additional eligibility criteria and certain hhafa rules.

The summary information in this matrix is prepared solely by PennyMac and does not represent any determination by the Treasury as to the servicer’s compliance with the Treasury’s policies and guidance for HAFA. Treasury hafz not endorse any language or policy described in this matrix.

Any questions regarding the information contained in this matrix should be directed solely to PennyMac.

We will order one interior broker price opinion BPO and an appraisal desk review for the reconciled property value. Additional appraisal may be required in certain circumstances.

What is HAFA? – Short Sale Innovations | Short Sale Innovations

There is no list price review or reduction strategy. If there is no purchase offer at the listing price after rasx days, borrower should consider deed-in-lieu of foreclosure. Deed-In-Lieu should be considered in razs cases where the property does generate an acceptable short sale.

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The borrower may initiate a deed-in-lieu of foreclosure request on the initial day of the application, but no later than 90 days after the Short Sale Agreement SSA is assigned. Upon receiving your package, borrower will be assigned a single point of contact.

That individual will assist the borrower throughout the Short Sale process. The single point of contact will fogm responsible for valuation appeals, transaction status and escalation of complaints and concerns.

Toll Free Monday — Friday: Pacific Time Zone Saturday: Pacific Time Zone Email: Toll Free Toll Free ext Email: May 29, Eligibility Requirements.

Borrowers who are in bankruptcy are eligible with bankruptcy court approval Borrower must deliver clear and marketable title PennyMac will work with the borrower to clear subordinate liens Loans with mortgage insurance require approval from the insurer The current Unpaid Principal Balance UPB of the mortgage loan, not including arrearages, is not greater than: Documentation Required from the Borrower: Establishing Property Value We will order one interior broker price opinion BPO and an appraisal raxs review for the reconciled property value.

Disputed Valuations The borrower bafa dispute the property value following the requirements below: Contact the Loan Resolution Specialist assigned to the borrower and submit one of the following: A real estate property valuation, rsss as BPO or appraisal, conducted within the past 6 months.

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Evidence of 3 proximate and comparable closed sales not already considered by the PennyMac ordered valuation product.

HAFA Matrix

Include the address information so PennyMac can confirm the sale data through online resources such as Trulia, Zillow and Real Quest. Order a field review of the borrower supplied appraisal from an approved PennyMac vendor, if the borrower provided an interior appraisal. Order an interior appraisal from an approved PennyMac vendor, if the borrower provided any other supporting documentation other than a full interior appraisal.

The results should be completed within 21 days if the appraisal is completed on a timely basis.

HAFA Matrix – PennyMac

The borrower calls and PennyMac verbally prequalifies them over the phone. PennyMac issues a welcome package via 2-day FedEx ore-mail. Borrower returns the welcome package. Eligibility Review and Order Property Valuation. No longer than 30 days.

Module 4: The RASS & Alt. RASS 49 4-1. The RASS 49 4-2.

Submission of purchase contracts from the borrower. PennyMac approval of purchase contract. Point of Contact Information Call: General HAFA questions prior to short sale request: Point of Contact Information: From Free Escalation Contact: