Teri Pacitto, Broker Associate with Coldwell Banker Residential Brokerage recently completed the Home Affordable Foreclosure Alternatives (Certified HAFA Specialist) Program Training.  Teri is committed to being on top of all the current issues pertaining to the needs of today's consumer.  Teri is also certified in other areas of the bank default (REO) and short sale process and holds the additional designations of CDPE, CBRS, Platinum Certified REO/Short Sale among a few. 

Additional information about the HAMP program is stated below.  

Recently, both Fannie Mae and Freddie Mac (the Government Sponsored Entities or GSE's) announced their Certified HAFA Specialist Guidelines, with a mandatory implementation date of August 1, 2010. These critical and much awaited announcements propel HAFA toward becoming the #1 Short Sale program in the Nation... and make it a 'first choice' program for every distressed homeowner who cannot afford to retain ownership of their home due to financial hardship.

While the GSE version of Certified HAFA Specialist is substantially similar to the non-GSE version of HAFA, the GSE's in their role as Investors have provided critical, helpful, and unique program implementation details that apply just to their HAFA transactions. Some of the unique aspects of the GSE HAFA programs include:

  • Freddie Mac Certified HAFA Specialist Eligibility requirements (in addition to standard HAMP program eligibility requirements) that Borrower be more than 60 days delinquent and Borrower’s cash reserves must be less than the greater of $5,000 or three times the currently monthly payment.
     
  • Clear definition by Fannie Mae of allowable transaction costs for a Certified HAFA Specialist Short Sale including:
    • "Real estate sales commissions customary for the market. The Servicer may not require that the commission be reduced to less than 6 percent of the sale price of the property"
    • "Homeowners or condominium association fees that are past due, if applicable"
    • "Wood destroying pest inspections and treatment, when required by local law or custom".
       
  • Higher Services Incentive of $2,200 for successful GSE Certified HAFA Specialist short sales (and $1,500 for successful GSE HAFA DIL's, similar to non-GSE HAFA).
     
  • Per Fannie Mae, mandatory consideration of the Certified HAFA Specialist DIL option and the Fannie Mae Deed-to-Lease program (for interested borrowers), if the Short Sale option fails (i.e., the property doesn't sell within the marketing period agreed upon in the SSA or if the SSA is terminated (consistent with program guidelines) prior to its expiration.
     
  • Per Fannie Mae, requirement that without Fannie Mae's prior written permission, a Servicer must not consider or solicit a borrower for a Fannie Mae Certified HAFA Specialist short sale or DIL with respect to a mortgage loan if:
    • A foreclosure sale is scheduled to be held within 60 days of the Borrower's request for a Certified HAFA Specialist transaction, or
    • A foreclosure proceeding could be initiated and reasonably be expected to result in a foreclosure sale being held within 60 days of the Borrower's request for a Certified HAFA Specialist transaction, or
    • A foreclosure sale is scheduled to be held or a foreclosure proceeding could be initiated and reasonable be expected to result in a foreclosure sale within 60 days of a determination that a Borrower is ineligible for HAMP, or
    • The loan is secured by a property in Florida on which foreclosure proceedings are pending, judgment has been obtained, or a hearing on summary judgment or trial is scheduled within 60 days.

If you for someone you know needs additional information about this program please Contact Teri Pacitto.