Each Participating servicer must develop a written policy, consistent with investor guidelines, that describes the basis on which the servicer will offer the HAFA program to borrowers. This policy may incorporate such factors as the severity of the loss involved, local market conditions, such as Brentwood Real Estate, the timing of pending foreclosure actions and borrower motivation and cooperation.
Servicers must evaluate a borrower for a HAMP modification PRIOR to any consideration being given to HAFA options in accordance with provisions of Supplemental Directive 09-01 and any supplemental HAMP guidance. Borrowers that meet the eligibility criteria for HAMP but who are not offered a Trial Period Plan, do not successfully complete a Trial Period Plan, or default on a HAMP modification should first be considered for other loan modification or retention programs offered by the servicer prior to being evaluated for HAFA.
In accordance with the provisions of Supplemental Directive 09-01, a loan meets the basic eligibility criteria if all of the following conditions are met:
1. The property is the borrower’s principal residence;
2. The mortgage loan is a first lien mortgage originated on or before January 1, 2009
3. The mortgage is delinquent or default is reasonably foreseeable;
4. The current unpaid principal balance is equal to or less that $729,750; and
5. the borrower’s total monthly mortgage payment (as defined in Supplemental Directive 09-01) exceeds 31 percent of the borrower’s gross income.
For more information on Brentwood and Discovery Bay Real Estate please call 1-925-392-4131