{"id":308,"date":"2011-08-10T16:13:47","date_gmt":"2011-08-10T16:13:47","guid":{"rendered":"http:\/\/lakeandhomes.com\/blog\/?p=308"},"modified":"2012-03-11T16:19:25","modified_gmt":"2012-03-11T16:19:25","slug":"home-affordable-foreclosure-alternative-program-update","status":"publish","type":"post","link":"https:\/\/lakeandhomes.com\/blog\/home-affordable-foreclosure-alternative-program-update\/","title":{"rendered":"Home Affordable Foreclosure Alternative Program Update"},"content":{"rendered":"<table width=\"551\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" bgcolor=\"#ffffff\">\n<tbody>\n<tr>\n<td>\n<table width=\"551\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td width=\"398\">\n<table width=\"398\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td><strong><\/strong><\/p>\n<table width=\"100%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td>\n<table width=\"100%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td><strong>Short Sale Agent Update:<br \/>\n<\/strong><strong>Changes to HAFA Program*<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<td width=\"15\">\u00a0<\/td>\n<td width=\"55\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/image.exct.net\/lib\/fe611570746306747011\/i\/1\/9daddc15-e.gif\" alt=\"\" width=\"55\" height=\"68\" border=\"0\" \/><\/td>\n<td width=\"15\">\u00a0<\/td>\n<td bgcolor=\"#cfcdce\" width=\"1\">\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<table width=\"551\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td bgcolor=\"#cfcdce\" width=\"1\">\u00a0<\/td>\n<td width=\"549\">\u00a0<\/td>\n<td bgcolor=\"#cfcdce\" width=\"1\">\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<tr bgcolor=\"#cfcdce\">\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>\n<table width=\"551\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td bgcolor=\"#cfcdce\" width=\"1\">\u00a0<\/td>\n<td width=\"549\">\u00a0<\/td>\n<td bgcolor=\"#cfcdce\" width=\"1\">\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<table width=\"551\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td bgcolor=\"#cfcdce\" width=\"1\">\u00a0<\/td>\n<td width=\"60\">\u00a0<\/td>\n<td width=\"429\">\n<table width=\"100%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td>\n<table width=\"100%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td>On Aug. 9, the U.S. Department of the Treasury released <strong>Supplemental Directive 11-08: Home Affordable Foreclosure Alternatives Program (HAFA) &#8211; Policy Update<\/strong> containing updates to the program. Bank of America fully implemented these changes effective Oct. 15.<\/p>\n<p>Policy enhancements impact agents and borrowers:<\/p>\n<ul>\n<li>An FAQ\u00a0clearly defines program criteria and rules. Borrowers can access the information from the Home Loan Assistance website at\u00a0<a title=\"bankofamerica.com\/homeloanhelp\" href=\"http:\/\/click.mail.realestateagent.bankofamerica.com\/?qs=cf4831396a842e30fcdd707cd9a6be2a0e0d42389fb729976f478c77691a3ca5\">bankofamerica.com\/homeloanhelp<\/a>\u00a0by:\n<ol>\n<li>Navigating to the <strong>Next Steps<\/strong> section or selecting <strong>Frequently Asked Questions<\/strong> from the <strong>Additional Support<\/strong>area.<\/li>\n<li>Look for the <strong><em>&#8220;If my mortgage is not owned by Fannie Mae or Freddie Mac&#8230;&#8221;<\/em><\/strong> question and select <strong><a title=\"Home Affordable Foreclosure Alternatives Policies\" href=\"http:\/\/click.mail.realestateagent.bankofamerica.com\/?qs=1d59265419e6b3676378b227190f30bb2dad8f9982df688e22388c1ade5c4f73\">Home Affordable Foreclosure Alternatives Policies<\/a><\/strong>.<\/li>\n<\/ol>\n<\/li>\n<li>Subordinate lien cap of $6,000 does not apply to non-mortgage subordinate liens; however, a portion of the gross proceeds may be negotiated toward payment of the non-mortgage subordinate liens.<\/li>\n<li>Defined process for property re-evaluation and for requesting value reconsiderations.<\/li>\n<li>Borrower relocation incentive may be used to pay transaction costs.<\/li>\n<\/ul>\n<p><strong>Action requested:<\/strong> View the <a href=\"http:\/\/click.mail.realestateagent.bankofamerica.com\/?qs=f8804e8446458fbd8bd98863faec3ca2fa9c43218097482f9dc5f6c9c89e348f\">HAFA 11-08 Enhancements<\/a>\u00a0and\u00a0<a title=\"homeloanhelp.bankofamerica.com\/en\/assets\/documents\/HAFA-policies_Bank-of-America.pdf\" href=\"http:\/\/click.mail.realestateagent.bankofamerica.com\/?qs=11e8b9cf6657802f3b3627284fbb393ba7f322574323d5e2b019214a9e07153b\">FAQ<\/a>.<\/p>\n<p><strong>*Please Note: <\/strong>This guidance does not apply to mortgage loans that are owned or guaranteed by Fannie Mae or Freddie Mac, insured or guaranteed by the Veterans Administration, the Department of Agriculture&#8217;s Rural Housing Service or insured by the Federal Housing Administration.<\/p>\n<p>Visit the Agent Resource Center at <a title=\"bankofamerica.com\/realestateagent\" href=\"http:\/\/click.mail.realestateagent.bankofamerica.com\/?qs=4d73ce1f5e6aaafbd7e807125ce99ceb2c213492cfb578d392079fa3bd54733a\">bankofamerica.com\/realestateagent<\/a>\u00a0for educational guides, news and resources to help agents complete a short sale at Bank of America.\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div>\n<a href=\"http:\/\/www.lakeandhomes.com\/\">http:\/\/www.lakeandhomes.com<\/a><\/p>\n<p><a href=\"http:\/\/www.lakeandhomes.com\/sale\">http:\/\/www.lakeandhomes.com\/sale<\/a> for listings<br \/>\n<a href=\"mailto:info@lakeandhomes.com\">info@lakeandhomes.com<\/a><br \/>\nRain Silverhawk Realtor<br \/>\nSandpoint Realty<br \/>\n223 North First Ave. |\u00a0 Sandpoint, ID. 83864<br \/>\nPhone (208)\u00a0 610-0011\u00a0 FAX 208-265-5641\u00a0<br \/>\n\u00a0<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>\u00a0 Short Sale Agent Update: Changes to HAFA Program* \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 On Aug. 9, the U.S. Department of the Treasury released Supplemental Directive 11-08: Home Affordable Foreclosure Alternatives Program (HAFA) &#8211; Policy Update containing updates to the program. Bank of America fully implemented these changes [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-308","post","type-post","status-publish","format-standard","hentry","category-visitor-information"],"_links":{"self":[{"href":"https:\/\/lakeandhomes.com\/blog\/wp-json\/wp\/v2\/posts\/308","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lakeandhomes.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lakeandhomes.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lakeandhomes.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lakeandhomes.com\/blog\/wp-json\/wp\/v2\/comments?post=308"}],"version-history":[{"count":1,"href":"https:\/\/lakeandhomes.com\/blog\/wp-json\/wp\/v2\/posts\/308\/revisions"}],"predecessor-version":[{"id":309,"href":"https:\/\/lakeandhomes.com\/blog\/wp-json\/wp\/v2\/posts\/308\/revisions\/309"}],"wp:attachment":[{"href":"https:\/\/lakeandhomes.com\/blog\/wp-json\/wp\/v2\/media?parent=308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lakeandhomes.com\/blog\/wp-json\/wp\/v2\/categories?post=308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lakeandhomes.com\/blog\/wp-json\/wp\/v2\/tags?post=308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}