hafa - top producer® website · to begin hafa process: servicer/lender servicer/ lender within 30...

HAFA Step-by-Step Process* *Does not reflect the total time to complete a short sale under HAFA guidelines HAMP HAFA RASS SSA - Home Affordable Modification Program - Home Affordable Foreclosure Alternatives - Request for Approval of a Short Sale - Short Sale Agreement TERMS KEY - Borrower Action - Servicer/Lender Action - Opportunity for Agent © Distressed Property Institute, LLC 2009. The Distressed Property Institute, LLC assumes no responsibility nor guarantees the accuracy of this document. The Distressed Property Institute, LLC is not engaged in the practice of law nor gives legal advice. It is strongly recommended that you seek appropriate professional counsel regarding your rights as a homeowner. • Sends short sale and deed-in-lieu notification to Borrower WITHIN 14 DAYS OF SSA EFFECTIVE DATE • Borrower must sign and return SSA with listing agreement and info on subordinate liens BORROWER SERVICER/LENDER TIME VARIES • Issues Short Sale Agreement (SSA) and Request for Approval of a Short Sale (RASS) documents to Borrower in one of two ways: WITHIN 14 DAYS OF NOTIFICATION • Borrower contacts Servicer/Lender to express interest in HAFA program BORROWER BORROWER • Does not qualify for HAMP trial • Does not complete HAMP trial • Is delinquent on HAMP modification by at least 2 consecutive payments • Requests short sale or deed-in-lieu 1 3 SERVICER/LENDER WITHIN 10 DAYS OF RASS RECEIPT • Must accept or deny Short Sale Request (RASS) 9 By request of Borrower (or Listing Agent) Sent proactively by Servicer/Lender WITHIN 3 DAYS OF OFFER RECEIPT • Must submit RASS to Servicer/Lender within 3 business days BORROWER 8 TIME VARIES • Receives offer from Purchaser BORROWER 7 6 5 4 If not working with a Listing Agent, Borrower must find one in order to proceed Borrower consults Listing Agent for other foreclosure avoidance options SERVICER/ LENDER • Receives RASS from Borrower TO BEGIN HAFA PROCESS: SERVICER/LENDER SERVICER/ LENDER WITHIN 30 DAYS • Must consider Borrower’s eligibility for HAFA • And notify Borrower in writing of the availability of a short sale and deed-in-lieu transaction 2 IF ACCEPTED • Listing Agent initializes approval process BORROWER 10 CLOSING IF DENIED • Must Send notification detailing reasons for denial SERVICER/LENDER

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Page 1: HAFA - Top Producer® Website · TO BEGIN HAFA PROCESS: SERVICER/LENDER SERVICER/ LENDER WITHIN 30 DAYS • Must consider Borrower’s eligibility for HAFA • And notify Borrower

HAFA Step-by-Step Process*

*Does not reflect the total time to complete a short sale under HAFA guidelines

HAMPHAFARASS

SSA

- Home Affordable Modification Program- Home Affordable Foreclosure Alternatives- Request for Approval of a Short Sale- Short Sale Agreement

TERMS KEY

- Borrower Action- Servicer/Lender Action- Opportunity for Agent

© Distressed Property Institute, LLC 2009. The Distressed Property Institute, LLC assumes no responsibility nor guarantees the accuracy of this document. The Distressed Property Institute, LLC is not engaged in the practice of law nor gives legal advice. It is strongly recommended that you seek appropriate professional counsel regarding your rights as a homeowner.

• Sends short sale and deed-in-lieu notification to Borrower

WITHIN 14 DAYS OF SSA EFFECTIVE DATE

• Borrower must sign and return SSA with listing agreement and info on subordinate liens

BORROWERSERVICER/LENDER

TIME VARIES• Issues Short Sale Agreement

(SSA) and Request for Approval of a Short Sale (RASS) documents to Borrower in one of two ways:

WITHIN 14 DAYS OF NOTIFICATION

• Borrower contacts Servicer/Lender to express interest in HAFA program

BORROWERBORROWER

• Does not qualify for HAMP trial• Does not complete HAMP trial• Is delinquent on HAMP

modification by at least 2 consecutive payments

• Requests short sale or deed-in-lieu