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HAFA Consideration

HAFA Consideration. Consideration Process. HAMP Modification Consideration Mortgage Eligibility Explained on the following slides. Conditions. The Mortgage First Lien owned, securitized or guaranteed by Freddie Mac The Mortgaged Premises. Conditions (cont).

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HAFA Consideration

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  1. HAFA Consideration

  2. Consideration Process • HAMP Modification Consideration • Mortgage Eligibility • Explained on the following slides

  3. Conditions • The Mortgage • First Lien owned, securitized or guaranteed by Freddie Mac • The Mortgaged Premises

  4. Conditions (cont) • What the Borrower must adhere to. • More than 60 days deliquent • Total monthly mortgage • Servicer consideration (HAMP Modification)

  5. Consideration Process (cont) • Potential Eligible Borrowers • HAFA consideration under the events on the following slides

  6. Conditions • The Borrower • Doesn’t qualify for HAMP Trial Period Plan • Doesn’t successfully complete HAMP • Is delinquent on modified mortgage • Refuses HAMP

  7. Consideration Process (cont) • The date and outcome of the HAFA consideration • Must be documented • Borrowers may be accepted into HAFA • If SSA or DIL Agreement is fully executed

  8. Consideration Process (cont) • A Borrower’s participation • When a servicer may not offer an SSA to a Borrower

  9. Consideration Process (cont) • Borrowers in active Chapter 7 or Chapter 13 bankruptcy cases. • Servicer requesting a short sale or DIL under HAFA.

  10. HAFA Ineligible • Mortgages ineligible for HAFA include the following: • Mortgages secured by Investment Properties or second homes • Cooperative Share Mortgages • Leasehold Mortgages • Mortgages sold to Freddie Mac on a participation basis • Mortgages sold to Freddie Mac with recourse or indemnification • FHA, VA and RHS Mortgages

  11. Ineligible Borrower • If the Borrower requests to be considered for HAFA and is found to be ineligible • Must continue with delinquency collection efforts, or initiate or continue foreclosure

  12. Ineligible Borrower • When the Servicer has determined the Borrower is ineligible for a HAFA Short Sale.

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