The Home Affordable Foreclosure Alternatives ("HAFA") program provides homeowners with an alternative to resolve their mortgage debt and avoid foreclosure. If you are unable to qualify for a loan workout, you will have the ability to sell your home through a short sale if the amount you owe on your mortgage is more than the value of your home. Through the short sale you will be able to resolve your debt. Please see below for eligibility requirements.

You may be eligible to apply if you meet all of the following:

  • You have not purchased a new house within the last 12 months.
  • You have a documented financial hardship.
  • Your first mortgage amount is less than $729,750.00.
  • You obtained your mortgage on or before January 1, 2009.
  • You must not have been convicted within the last 10 years of
    felony larceny, theft, fraud, forgery, money laundering, or tax evasion
    in connection with a mortgage or real estate transaction.

*These eligibility criteria are for guidance only. Please call us at 888-395-3997 to determine if you qualify for HAFA.
To apply for a preapproved Short Sale Agreement ("SSA"), please provide the following documents:

  • Hardship affidavit/request for modification and affidavit ("RMA")
  • Evidence of residency
  • Subordinate lien documentation
  • Form of full financial disclosure documentation required

To submit and existing offer using an Alternative Request for
Approval of Short Sale ("Alternative RASS") please provide the following
documents:

  • Hardship affidavit/request for modification and affidavit ("RMA")
  • Evidence of residency
  • Subordinate lien documentation
  • Form of full financial disclosure documentation required
  • Property listing agreement
  • Purchase and sale contract
  • Copy of earnest money check
  • Preapproval letter from buyer
  • HUD-1

To establish property value, a valuation of your home will be
obtained to determine the current market value with one of the following
services:

  • Broker price opinion
  • Full appraisal
  • Automated valuation model

Deed in Lieu – The HAFA program offers you the option to transfer
the title or ownership of the property to the investor in order to
satisfy your mortgage and avoid foreclosure. This process is referred to
as a deed-in-lieu of foreclosure. You can explore this option if you
are deemed not eligible for the HAFA Short Sale Program.

What can you expect with the HAFA program?

  • Step 1 – call us toll free at 888-395-3997 to request
    assistance and explore your options under the HAFA program. We can
    provide you with a Loss Mitigation Financial Package via mail, e-mail or
    fax.
  • Step 2 – if you do not wish to purse or are deemed ineligible for a modification and want to sell your home you have that option.
  • Step 3 – usually a period of 120 calendar days is allowed to market and sell your home.
  • Step 4 – once a qualified offer is obtained, we will
    allow up to five business days to submit for approval. We encourage you
    to submit the offer immediately upon receipt to expedite the review
    process.
  • Step 5 – if you are approved for the HAFA short sale or
    deed-in-lieu, a qualified loan specialist will contact you to discuss
    the terms of your eligibility.


LOSS MITIGATION AND EXPLORING ALTERNATIVES TO FORECLOSURE

During the course of home ownership, increased expenses or changes
in your family income may make it difficult to pay your bills including
your monthly mortgage payments. You should always keep your mortgage
payments current if possible. But if you cannot continue to make your
monthly mortgage payments for reasons beyond your control, please
contact us to discuss various alternatives to foreclosure depending on
your specific circumstances.

If your payment difficulties are temporary, you may qualify for one of the following options:

  • Reinstatement – this is the payment of the total amount due in a lump sum by a specific date.
  • Forbearance plan – this allows you to reduce or suspend
    payments for a short time and then bring your loan current. A
    forbearance plan may be combined with a reinstatement when you know that
    you will have enough funds to bring your loan current at a later date,
    such as a tax refund insurance settlement, or investment reaching
    maturity.
  • Repayment plan – this is an agreement to resume making
    your regular monthly payments plus a portion of the past due amount each
    month until you bring your loan current.

If your payment problem is long-term or it is not likely that you
will be able to bring your loan current at any time, other options may
be appropriate including the following:

  • Modification – if you are able to make some monthly
    payment but are unable to bring your loan current, a modification
    changes the terms of your loan permanently to make the monthly payments
    more affordable. These changes may include one of more of the following:
    adding the missed payments to the loan balance, reducing the interest
    rate or extending the term of your loan.
  • Sale of property – the property is put on the market and
    the mortgage loan is paid off from the proceeds at closing. In a
    "short-sale" situation, the lender accepts less than the total amount
    due and still considers the loan paid-in-full.
  • Deed-in-lieu of foreclosure – foreclosure is a legal
    process by which a lender takes ownership of your home if you do not
    make the mortgage payments. With a "deed-in-lieu" the lender accepts a
    transfer of the title to your home instead of foreclosure.
  • Partial claim – you may be able to receive a one-time
    interest-free loan from the mortgage guarantor to bring your loan
    current. You may be allowed several years before repaying this separate
    loan.

Please call our Loss Mitigation Department toll-free at
888-395-3997. A member of our staff will conduct an interview to
determine your circumstances and explore options that may be available
to you. Please do not delay – the sooner that you call, the more likely
we can find an alternative for you. In order to begin the review
process, please have the following information available and ready when
you call:

  • Your mortgage loan account number
  • A brief explanation of your financial circumstances
  • Your recent income documents including pay stubs and benefit
    statements from Social Security, disability, unemployment, retirement or
    public assistance
  • Your tax returns from the previous two years
  • A detailed listing of your monthly household expenses

The U.S. Department of Housing and Urban Development ("HUD")
sponsors housing counseling agencies throughout the country that provide
advice and guidance regarding mortgage loan defaults, foreclosures,
credit issues and foreclosure alternatives. You can find a HUD counselor
in your area by visiting the HUD Website or by calling HUD toll-free at 800-569-4287.

NOTE: THIS IS AN ATTEMPT TO COLLECT A DEBT AND ANY INFORMATION
OBTAINED DURING A CALL WILL BE USED FOR THAT PURPOSE. IF YOU ARE
CURRENTLY PROTECTED BY THE FILING OF A PETITION IN BANKRUPTCY OR HAVE
BEEN DISCHARGED IN BANKRUPTCY, THIS SUMMARY IS FOR INFORMATION PURPOSES
ONLY AND SHOULD NOT BE CONSIDERED AS AN ATTEMPT TO COLLECT THE DEBT.

For general information regarding the HAFA program, please call us at 888-395-3997.
Disclaimer: Not all loans will be eligible for program
consideration. Program outline is subject to change. Please continue to
contact us as other options may be available

Need assistance? Call 1-855-899-9885

32


394d5fed 13c0 4bc7 a71b 3af243b050a5 a0f9fbd6 d6ae 40a2 b158 8e86c5e28249 3b1eb6a2 2d98 4b63 8d67 02b8c178711a 62ed6858 7908 468d abd6 d5d75b72a4b6 6c3c992d cb02 4db7 8cf7 ce66104b3bfb ee15778e 26a8 4b46 b0fd 9da5a6808b19 f29b4e4f 6c3a 4833 8919 c83e71c78f78 3b295d13 d419 470c 99db ce50facd7e5b 9993190d 57d6 4042 a5bb 2e08d192680a 7e9f3857 1409 4ade 9924 1b319ddf69a5 1792dab7 844b 44e1 b543 d46e95eccc55 d03fc45c cd62 4d1d a0d2 02aaab526311 3ecc41c6 cc39 445a b4e4 228bf56c5e75 03a1eeb3 391d 4b05 acc6 c1632a6e900a 4be37f2c 0d69 4f93 9be4 e93e180ce60a 089510fc 5652 42db ad7c cd138a43d845 06b7877e 4315 4903 a09a 51f7c2e3f36f 454f9234 6897 4dfa 815d 7eec832efd9f 42037ffb 31da 4752 9ddd ada2a2826928 2e077488 cbae 4134 b2c3 5876eff87bb6 fcf08927 aced 49c3 a80a 7debe146eaf3 904e3b36 2510 48e8 a186 af972fc2b9d8 da41bfd3 ff67 4ad8 b699 5ecef0774472