HAFA Supplemental
Directive 12-07 was released and effective February 1, 2013 .
These changes impact short sale non-government-sponsored enterprises loans in
which the homeowner is eligible for the HAFA program.
Key Enhancements include:
- The Short Sale Agreement (SSA) is being
converted to a Short Sale Notice (SSN) which will no longer require the
borrower to sign and return the agreement.
- The Request for Approval of Short Sale (RASS)
and Alternative Request for Approval of Short Sale (ARASS) are being eliminated.
The Acknowledgement of Request for Short Sale (ARSS) is being introduced
in place of the ARASS, but will no longer require borrower's
signature and return.
- The time frame for servicers to make a
decision on a borrower's request for HAFA has generally been shortened to
30 calendar days of receiving all documents and external approvals
required.
- Treasury will now require both the seller and
purchaser in a HAFA short sale transaction to sign a new HAFA Affidavit
document prior to closing. This certifies that the sale represents an
arms-length transaction and that no money is being given or received that
is not reflected on the HUD-1 Settlement Statement.
- The prohibition against resale of a property
for 90 calendar days following a HAFA short sale closing is being updated
to prohibit any resale within 30 calendar days and prohibit a resale for
more than 120% of the HAFA short sale price between 31 and 90 calendar
days of the HAFA short sale closing.
Additional recommendations:
Help your financially
distressed clients understand the benefits of a HAFA short sale, including
relocation assistance. Review the agent HAFA education guide to learn more.
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