Home Affordable Foreclosure Alternatives (HAFA) Summary PROGRAM SUAMLARY ‘After al home retention options have been explored; HATA provides standard proces, documents, timelines and incentives te arises boron: and ivecorste ensbl shor calc and ded nino forecensre Effective stom Apnil5, 2010to December 31,2012 + Regaie llsericen poriipatag in HAMP to mpleniest HAFA in accordance with ther owe wates policy, conastet wath vector gudelne:. The policy mzy iechde factors sucha the seventy ofthe pote los, neal ‘Susie ning of pending foreclone atin, ed borower motion and eoqpention + Requie: at STAMP sige Dorowers uubie to complete HAMP (obs considered far HATA options Define ferclosue Allow: Yervowers to receive pre-approved chor ales terme before Listing this property Sr sale withthe lp of = lacenced eal eat professional (melding the minum acept2blenet proceed: er SEE PCE) fligbiin-ontra ae smart tore for HAM: ‘The property i the borrower principal residexce; ‘The mortgage loam is a fst lien mortgage originated oa or before January 1, 2009; ‘The mortzage i delinquent ot defiult is reasomably foreseeable, The current mpaid principal balance is equal to or lass than $739,150 (Note: The $720,750 limit applies to 1 unk properties, Higher amouuts apply 102-4 unit dwelings) 5 The borrowers total moatily mortgage payment (ar defined in Supplemental Directive 09.01) exceeds 31 percent ofthe bocrower's gross income. ees bonronear Finan snd harécbipinfurmtionaleedy cllactad ander HAMP ‘Require: borewers tobe filly released fiom frure Lisi forthe st mortgage debt and if the subordinate lien Ioleer receives» ravmest from the fet Hen holder to enable the transaction that debt ar wal ne cach ontsbtion pronusrery nee, deficiency jadement i» alsmed) ‘Prolab the saracers from runing 2 reduction nthe rel ete commision ameed upon in the leans sreement (masons oF 62) Uses 2 anda process, documents and timeframes 1 Provider Emincislincantver§3 000 for berowar selacaton sesitance; SI SOO for saricarste coer s:Ssntive and proven cots; and up o $2000 reimbursement for fat Sea invertors for alowang «tot of 6% UPB (apd pranapal balance) upto $5,000 cap im short ale proceed: fo be dstnbued to subordinate lien bldee: Requestor borrowers provide clear and markenble tide, and muintain the propery in good condition far he darstion ofthe Short Sale Agreement (minianim of 120 y=) + Shove sale tramacton must be “arm lea” Dike foxzivenurdar HAFA could Live tue and saditratng inact forthe orowers Thay are abicadts gt ‘eaacil end tax adce Buyers my not sll he property within 90 days of purchase