Navy Federal Credit Union has partnered with the U.S. Department of the Treasury and participates in the Home Affordable Modification Program (HAMP). Navy Federal will consider other foreclosure prevention options for eligible borrowers who do not qualify for HAMP. These options include Home Affordable Foreclosure Alternatives (HAFA), which consist of short sale and Deed-in-Lieu of Foreclosure. In order to assist members in understanding the Navy Federal HAFA Policy, we have developed the HAFA Matrix. If you have any questions regarding the information contained in this matrix, please call 1-888-503-7102, between 8:00 am and 4:30 pm, Eastern Time.
Last Updated: 2/15/2013
Pre-approved Short Sale Notification (SSN)
Existing Offer Submitted Using an Alternative Request for Short Sale
Same documents as SSN plus:
Establishing Property Value — Navy Federal Credit Union will require an interior Brokers Price Opinion (BPO).
Price Reduction Review During Marketing Period — Every 60 days, an additional interior BPO will be pulled to evaluate current market value and adjust listing price. Once the property has been listed for 120 days, the member automatically goes into Deed in Lieu status unless an offer and a signed SSA have been received.
|PAYMENTS DURING MARKETING PERIOD||
Member will be required to make a payment on the 1st of each month while in HAFA in the amount of 31% of their gross income OR their actual mortgage payment, whichever is less.
|DEED-IN-LIEU POLICY/SPECIAL PROGRAMS||
Deed-In-Lieu — A Deed-in-Lieu of Foreclosure will be offered if there is no Short Sale offer within 120 days of listing as long as the member reduces the list price to be in line with the updated BPO every 60 days.