hafa short sale program

7/30/2019 HAFA Short Sale Program

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HomeAffordableF

oreclosure

Alternat

ivesProgra

m(HAFA)

YourGuideto

CompletingaShor

tSale

UndertheFed

eralGovernments

HAFAProgram

April2013


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Thismaterialissolelyintendedaseducationandtrainingdocumentationforrealestateprofessionalsandisnotintendedforconsumeruseordistrib

ution.

Programs,rates,terms

andconditionsaresubjecttochangewith

outnotice.BankofAmerica,N.A.,MemberFDIC.

EqualHousingLender.

2013BankofAmericaCorporation.

3

HAFAShortSaleProgram

*Specificinvestorparticipationandeligibilitycriteriaapplies.

Whentocon

sider

Afterthehomeownerhasexhaustedalleffo

rtsto

remaininthehome.

Whentheho

meownerwantstoleavetheproperty

andowesmoreonthemortgagethancurrentfair

marketvalue

.

Eitherbefore

orafterashortsaleofferisrec

eived.

Homeowner

benefits

Quickestoptionforashortsaledecisionwhe

n

thereisnoof

fer.

Asuggest

edlistpriceisprovidedbefore

listingthe

home.

Decisioninasfewas10businessdayson

ce

anofferissubmitted.

Deficiencyiswaived.

Themortgagedebt,ofthefirstand

subordina

teliens,willbesettledthrough

theprogram.

Nolegala

ctioncanbetakenon/against

theoutstandingmortgagedebt.

$3,000toprimaryresidentatclosingfor

relocationassistance.

Additionalincentivesmayapplyto

eligibleborrowers.*

Nocashcontributionorpromissorynote

requiredtore

leaseanylien.

Foreclosurep

rocessputonhold,subjectto

investorguidelines.

Servicerelea

se

Duringthesh

ortsaleprocess,loanservicing

maybe

transferredtoadifferentloanservicer.Servicingrefersto

collectingprincipal,interest,andescrowpay

ments,ifany,

aswellassendingmonthlyorannualstatem

ents,tracking

accountbalances,andhandlingotheraspectsoftheloan.

Wemayassign,sell,ortransfertheservicing

ofaloanat

anypointwh

entheloanisoutstanding.Yourclientwillbe

givenadvanc

enoticebeforeatransferoccur

s.

Dependingonthestatusoftheshortsalewhenthe

servicingofa

loanistransferred,thenewservicermay

notberequiredtoacceptthetermsandcon

ditionsofa

shortsale.


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$Offer$


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ution.




EqualHousingLender.


6


Enhancement

s

FannieMaeandF

reddieMacarenotparticipatinginsupplementaldirectivepolicyenhancements.

SD12-0

2Enh

ancements

Timeframee

xtended:TheHAFAshortsaleo

rdeedin

lieuofforeclosurecanbeinitiatedupuntilDec.31,

2013;however,thetransactionmusthaveaclosing

dateonorbe

foreSept.30,2014.

Eligibility:Oc

cupancyrequirementshavebeen

removed;however,thepropertycantbeow

nedor

securedbya

businessentity.

Increasefrom

$6,0

00to$8,5

00capavailableto

satisfysubordinateliens;$8,500appliesonly

tothose

securedbya

mortgageonthesubjectproperty.

Relocationassistance:Limitedtotheprimaryresident

(borroweror

occupant)ofthepropertywho

must

vacateuponclosing.

Tenantcanbeeligibleifoccupyingthe

propert

yashisprincipalresidenceand

must

vacateuponclosing.

Vacantpropertieswillnotbeeligible.

SD12-05

Enhancements

Regardlessofwhetherornotaborrower,ortenant,

isreceivingtheHAFArelocationassistance,the

borrower

ortenantmustexecuteaDodd

-Frank

CertificationtoparticipateinHAFA.

Ifarentalpropertyisoccupiedbyatenantora

non-borrower,theentire$3,000relocationassistance

mustbepaidtothetenantorothernon-

borrower

(onceallconditionsofpaymenthavebee

nmet)and

listedontheHUD-1.Itmaynotbeusedtopayany

costsand

expensesofthetenantorothe

roccupant.

Noportio

nmayberetainedbytheborro

wer.The

borrower

mayallocatetheincentiveamo

ngtenants

orotheroccupantswhootherwisesatisfythe

condition

sofpayment.


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ution.




EqualHousingLender.


8


Thehomeownersfirstmortgageloanmustbe

owned

byaninvestorparticipatinginHAFA.FannieM

aeand

FreddieMacprogramsendedDec.31,

2012.

Subordinatemortgage/lienholdersmustagreeto

releasetheirliens.

Thehomeownerandtheagentarerespons

iblefor

identifyinga

llliensandobtainingtheirrelease.

Subordinate

mortgageliensarecappedat$

8,500;

doesnotapplytomechanicsand/orHOAliens.

SeeSD12-0

2fordetails.

ParticipationinHAFAisonaloan-by-loanb

asis,not

aninvestor-by-investorbasis.

AninvestormayparticipateinHAFAonsome

loansandnotonothers.

HAFAeligibilitydoesntrepresentaguar

antee

ofqualificationorapproval,whichisdet

ermined

bythein

vestor.

Agentcomm

issionswillbedocumentedandagreed

uponinthe

ShortSaleNotice.

Mostinv

estorssupporta6%commissionfor

aHAFAs

hortsale.

Agentsand/orhomeownerscancallCustom

er/

AgentCareat1.8

66.8

80.1

232tofindoutif

their

investorisp

articipating.

HAFAinvestorparticipation

Takeinvestor

considerationsintoaccounttodetermineifhomeownerscanpursuea

HAFAshortsale.


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ution.




EqualHousingLender.


15

Letsworktogether

Toimprove

theshortsaleprocess,

BankofAm

ericahas:

Wheretofind

moreinformation

Listenedto

feedbackabouttheprocess,

thepeople

andthetechnology

Established

andtrainedadedicatedteam

ofshortsaleprofessionals

Enhancedtechnologywithongoing

monthlyup

grades

Offeredres

ourcestohelpagentslearn

moreabou

tshortsales

VisittheAgentResourceCenter

bankofamerica.com

/shortsaleagent

CallShortSaleCust

omer/AgentCare

1.8

66.8

80.1

232

MondayFriday8a.m.to10p.m.

Saturday9a.m.to5:30p.m.Eastern

Forhomeowners:

BankofAmericaHomeLoanAssistance

bankofamerica.com

/hometransition

Byworkingtogether,wecanmaketheshortsale

processmore

understandableandefficient,andhelpyourclientshavea

betterexperience.


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Screenshotsaretheexclusive

propertyofEquator,LLCandusedhereinunderlimitedlicenseforBankofAmericatrainingpurposesonly.

Any

distribution,

reproduction,

derivative,

descriptionoraccountofthescreenshots

isexpresslyprohibitedwithouttheexpresswrittenconsentofEquator,LLC.

2012Equator,

LLC.

Allrightsreserved.

This

materialissolelyintendedaseducationandtrainingdocumentationforrealestateprofessionalsandisnotintend

edforconsumer

useordistribution.

Programs,rates,

termsandconditionsaresubjecttochangewithoutnotice.

BankofAmerica,

N.A.,

MemberFDIC.

Equal

HousingLender.

2013BankofAmericaCorp

oration.

C32952

PRES-04-13-1681

04-2013

hafa short sale program

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