Loans with a scheduled oreclosure date may still be considered or HAFA depending on thetiming o the scheduled oreclosure sale.Please note that in addition to Treasury’s standard HAFA eligibility requirements, WellsFargo must adhere to investor and mortgage insurance guidelines as well as all applicablelaws and regulations
Documents required prior to Short Sale Agreement (SSA):
Dodd Frank Certication
Conditional items based on investor requirements, imminent deault, and/or otherpotential actors, or example: –Evidence o residency in subject property. –Financial inormation (paystubs, bank statements, etc) –Documentation o hardship when required
Documents required i a purchase ofer has been made:
Same documents as above, plus:
Alternative Request or Short Sale (i no SSA exists) or Request or Short Sale (i SSA exists)
Purchase Agreement and Estimated HUD-1
Proo o buyer unds or buyer’s pre approval or commitment letter on lender letterhead
Second lien holder's written approval and agreement not to pursue deciency balance
Other documents per investor and insurer request
Establishing property value
Valuation is obtained based on investor guidelines and typically consists o an interior BPOor ull interior appraisal. The valuation must be less than 90 days old at the time the ShortSale Agreement is issued.
Wells Fargo ollows both its service provider and investor guidelines when determining whatinormation is needed to dispute a value. A minimum o three sold comparables must besubmitted. These must be comparable to the subject property's square ootage, amenities,age and location, and must have closed within six months prior to the eective date o thedisputed valuation. I the dispute is based on repairs, an estimate o repairs prepared by alicensed contractor is required.
Periodic reassessment o value
We order a new valuation every 90 days during the HAFA process. I the new value comesin lower, we will reduce the MNSP accordingly. I the new value comes in higher than theprior value, we will not change the MNSP.
Payments duringmarketing period