There have recently been significant changes to the HAFA program requirements. Below are the two major changes. This material came from this webpage.
Servicers are no longer required to verify a borrower’s financial information or to determine if the borrower’s total monthly mortgage payment exceeds the 31 percent of the borrower’s monthly gross income. However, servicers must continue to verify the borrower’s hardship, by having the borrower sign the Hardship Affidavit or Request for Modification affidavit (RMA). This change applies to the government’s Home Affordable Foreclosure Alternative program HAFA.
To be eligible for the Home Affordable Foreclosure Alternative (HAFA program), you must of lived in the property as your primary residence. If the property has been vacant or rented to a tenant for not more than 12 months prior to the date of the short sale agreement, they could still be eligible to apply for HAFA. Borrower would have to provide documentation that the property at some point was owner occupied and borrower has not purchased a one to four unit property during the 12 month period. The minimum distance requirement is no longer required. Servicers are not required to verify the number of miles the borrower moved to.
Contact me if you are considering buying or selling Las Vegas real estate. You will be glad you did.
...Eric
Eric Fernwood
RE/MAX CENTRAL
8400 W. Sahara Ave
Las Vegas NV 89117
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