Countdown to Freddie Mac and Fannie Mae HAFA Program

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) July 29, 2010 -- Freddie Mac HAFA Program Eligibility
Mortgage and Borrower Eligibility
The following mortgages are eligible for HAFA:
First-lien mortgages, owned, guaranteed, or securitized by Freddie Mac that were originated on or before January 1, 2009.
Eligible properties are single-family 1-4 unit primary residences, including condos, Guide-eligible manufactured homes, and negotiated conforming jumbos.
Mortgaged property is not abandoned, condemned, or vacant (without an applicable exception).

Borrowers may be eligible for this initiative if they meet the following requirements:

Borrowers must be more than 60 days delinquent and have cash reserves less than the greater of $5,000 or three times their current monthly mortgage payment.
Borrowers must have first been considered for a HAMP modification and then for other Freddie Mac home retention options under Guide Chapter B65, but was either ineligible, did not complete, or declined the modification.
Borrowers may be in foreclosure, in pending litigation involving the mortgage, or in active bankruptcy.
Borrowers must be able to convey a clear, marketable title to the mortgaged property.

Fannie Mae HAFA Program Summary
The Fannie Mae HAFA program simplifies and streamlines the use of short or “preforeclosure” sale and deed-in-lieu of foreclosure (DIL) options by incorporating the following unique features:
Complements HAMP by providing alternatives for borrowers who are HAMP eligible (including borrowers facing imminent default);
Utilizes verified 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 agreement;
Releases the successful HAFA borrower from future liability for the debt;
Uses standard processes, documents, and timeframes;
Provides financial incentives to borrowers, servicers and subordinate lienholders.

More information can be found online at http://hafashortsaleflorida.com/

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