On Tuesday, August 9, 2011 the U.S. Department of the Treasury issued Supplemental Directive 11-08 – HAFA Policy Update, which implements many of the recommendations received during the Summit and Working Groups.
Specifically, Supplemental Directive 11-08 implements the following key changes:
Requires servicers to develop and post on their website a HAFA Matrix that describes various components of a servicer’s HAFA Policy, including any unique HAFA eligibility criteria or program rules, the servicer’s process for re-evaluation of property value, and contact information for HAFA assistance.
Removes non-mortgage debt from the $6,000 subordinate lien cap. However non-mortgage lien holders still must provide lien releases and waive borrower liability.
Requires all servicers to develop a process for periodic re-evaluation of property value and to reconcile discrepancies between the servicer’s independent assessment of value and market value data provided by the borrower or the borrower’s real estate broker.
To view Supplemental Directive 11-08, please click here.
To view the HAFA Matrix template, please click here.
George Kenner, Broker Lic. 01229951 Keller Williams Realty, 4700 Spring Street, La Mesa , Ca. 91941
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