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  • Home Affordable Foreclosure Alternative (HAFA)

    Making Home Affordable is an program to help homeowners avoid foreclosure. Our trained analyst will make every effort to assist with your loan to avoid foreclosure. Start today by learning more about the options available to you through Making Home Affordable (MHA).

    Tech CU Home Affordable Foreclosure Alternative (HAFA) Matrix
    ELIGIBILITY REQUIREMENTS
    • First lien mortgage loans originated on or before January 1, 2009
    • Mortgage loan is delinquent or default is reasonably foreseeable
    • Mortgage loan is secured by a 1-4 unit property. Maximum unpaid balance for 1 unit = $729,750, 2 units = $934,200, 3 units = $1,129,250 and 4 units = $1,403,400
    • Property securing the mortgage loan is not vacant or condemned
    • An executed HAFA SSA or DIL Agreement by the member has been received on or before December 31, 2013
     
    HAFA /SHORT SALE DOCUMENTATION REQUIREMENTS
    • Preapproved Short Sale Agreement (SSA)
    • Hardship Affidavit/Request for Modification and Affidavit (RMA)
    • Evidence of owner occupancy
    • Dodd Frank Certification
    • Subordinate lien documentation
    • Accepted Purchase Contract
    • Income documentation
    • Asset documentation
    • Title report
    • Credit report
    • Additional documentation (if applicable)
     
    VALUATIONS
    • Broker Price Opinion (BPO) is used for establishing property value
    • Internal market research will be determined to support property value

    Disputed Valuations:

    • Value will amended based on a current appraisal and local market conditions
    • Estimate evaluation timeframe is 7-10 business days
     
    DEED-IN-LIEU POLICY / SHORT SALE

    Deed-In-Lieu: Will be approved on a case-to-case basis.

    Short Sale: Will be approved on a case-to-case basis.

    AVERAGE TIMELINES

    Upon receiving the requested documentation, an approval or decline will be completed within 30 days from the date the member responds to the solicitation or request.

    • Submission of required income/eligibility documentation
    • Eligibility Review to Issuance of Short Sale Agreement (SSA)
    • Borrower return of Short Sale Agreement (SSA)
    • Marketing period of 120 days
    • Submission of purchase contract
    • Servicer's approval of purchase contract
    • Escrow and Closing
     
    CONTACT INFORMATION

    For assistance, please contact the Special Assets Group at 800-649-3721