Wendy Bunch, Broker
Wendy Bunch, Broker
wendy@wendybunch.net
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What is HAFA?

The Home Affordable Foreclosure Alternatives (HAFA) Program is a government-sponsored initiative overseen by the US Treasury Department and administered by Fannie Mae assisting all Home Affordable Modification Program (HAMP)-eligible homeowners in avoiding foreclosure, specifically through short sales or deeds-in-lieu of foreclosure.

HAFA was announced on November 30, 2009 in a HAMP Update titled Introducing the Home Affordable Foreclosure Alternatives Program.

HAFA directs lenders to assist eligible homeowners in quickly and effectively implementing short sales or deeds-in-lieu by providing financial incentives to lenders that carry out foreclosure alternatives through the program's guidelines set forth in Supplemental Directive 09-09 Revised (revised March 26, 2010). The program was introduced in part with the intent to remove the stigma from short sales and help keep communities from being destroyed through massive foreclosures. HAFA in its current state is only applicable to conventional-type, non-Governmental Serviced Enterprises (non-GSE) mortgages and therefore does not apply to loans owned or guaranteed by Fannie Mae or Freddie Mac. These organizations may have plans to release their own versions of HAFA.

Details of HAFA

HAFA was introduced to simplify and streamline the short sale process. HAFA accomplishes this in the following ways:

  • Compliments HAMP by providing viable alternatives for borrowers who are HAMP-eligible
  • Uses standard processes, documents and timeframes
  • Provides financial incentives to borrowers, servicers and investors
  • Requires that borrowers be fully released from future liability for the debt
  • Utilizes borrower financial and hardship information collected in conjunction with HAMP, eliminating the need for additional eligibility analysis
  • Allows the borrower to receive pre-approved short sale terms prior to the property listing
  • Prohibits the servicer from requiring, as a condition of approving the short sale, a reduction in the real estate commission agreed upon in the listing agreement1

HAFA provides financial incentives as follows:

  • Homeowners qualify for $3,000 (updated March 26, 2010; was previously $1,500) in Borrower Relocation Assistance after a short sale or deed-in-lieu has been completed (may classify as taxable income in some cases)
  • Financial incentives for servicers participating in the program include up to $1,500 (updated March 26, 2010; was previously $1,000) servicing bonus upon completion of a short sale or deed-in-lieu
  • Financial incentives for investors include up to $2,000 (updated March 26, 2010; was previously $1,000) for those who allow a total of up to $6,000 in short sale proceeds to be distributed to subordinate lien holders. This reimbursement will be earned on a one-for-three matching basis
  • Lenders pay all servicing fees ? homeowners have no out-of-pocket expenses

There are two additional documents which provide detailed technical information on data related to HAFA and the HAFA reporting procedures for servicers:

  • HAFA Data Elements (Exhibit D) is a series of tables detailing specific reporting procedure data for servicers. It is available at the end of Supplemental Directive 09-09 Revised. This is a document for servicers
  • The HAFA Data Dictionary is a spreadsheet in Excel format coordinating with HAFA Data Elements (Exhibit D) that catalogues all of the data elements and associated metadata for the program, including the names, definitions, allowable values, and data types. It also defines the functional areas where the data elements are being used.

WHO IS ELIGIBLE FOR HAFA? FAQ FOR HOMEOWNERS

                                                                                                  
93 Church Street  Marietta  GA 30064

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View my Mobile Business Card! Search for Homes for Sale in Marietta. Buying a home can be a complicated process. As a top producer in the real estate industry, Wendy Bunch is here to help you every step of the way! Wendy is the Broker/Owner of RE/MAX PURE and can guide Home Buyers and Home Sellers through the real estate process in Cobb County and other Metro Atlanta Areas. Search a wide variety of homes for sale by County, City, Zip Code, Subdivision or Schools on her user friendly website. View her new Marietta home listings, RE/MAX PURE Featured Property Listings and her current home inventory offered through MLS. 

Selling your home in Georgia? Want to sell for the best price? Call Wendy! She is a tenacious real estate professional with over 15 years experience and a vast knowledge of the most current tools and technology it takes to excel in today’s market. Pure & Simple, Wendy Bunch can assist you with all your real estate transactions. Research homes and Schools in the Marietta, Mableton, Austell, Powder Springs, Smyrna, Acworth, Kennesaw, Dallas, Atlanta and surrounding areas 24/7 with her user friendly website. Wendy Bunch and The Wendy Bunch Team at RE/MAX PURE are waiting to help you find your next home! Her innovative office is in the Heart of the Historic Marietta Square. Stop by 93 Church Street, email her at  wendy@wendybunch.net or call Wendy!  770.528.9655

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 office 770.528.9655  93 Church St, Marietta GA  30060