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First Financial Bank N.A. Home Affordable Foreclosure Alternative
(HAFA) Matrix

All servicers that have signed agreements with the U.S. Department of the Treasury (Treasury) to participate in the Home Affordable Modification Program (HAMP) must consider eligible borrowers who do not qualify for HAMP for other foreclosure prevention options including Home Affordable Foreclosure Alternatives (HAFA) which includes short sale and deed-in-lieu. However, each servicer has some discretion in determining additional eligibility criteria and certain program rules. In order to assist borrowers and their representatives in understanding any unique components of a servicer’s HAFA Policy, Treasury, has developed this HAFA Matrix. The summary information in this matrix is prepared solely by First Financial Bank N.A. and does not represent any determination by the Treasury as to the servicer's compliance with the Treasury's policies and guidance for HAFA. Treasury does not endorse any language or policy described in this matrix. Any questions regarding the information contained in this matrix should be directed solely to First Financial Bank N.A. Mortgage Servicing Department at 1-812-238-6151 or 1-800-511-0045.

Last Updated:  1/28/2013

ELIGIBILITY REQUIREMENTS

HAFA basic eligibility requirements:
• Borrower must be 60 or more days past due or experiencing imminent default
• If Property is in foreclosure, must not be within 30 days of foreclosure sale
• Borrower must be eligible, but not qualify for a HAMP Modification, or
• Borrower fails a HAMP Trial Period or fails a HAMP Modification
• If Borrower makes a request to Short Sale property or a Deed in Lieu of Foreclosure
• Borrowers requesting HAFA consideration may be considered to have a “pre-determined hardship” if they are 90 or more days delinquent and have a FICO score of less than 620.
• Borrower liquid assets as evidenced by financial information submitted by the Borrower prove insufficient to service the debt/mortgage 
• Property title must be substantially free and clear of other liens
• Other requirements may apply depending on borrower specific circumstances

DOCUMENTATION REQUIREMENTS

The following is a list of the basic documentation requirements to determine eligibility for HAFA:

Documentation required for Short Sale Agreement:
• Signed Short Sale Agreement/Affidavit (SSA or RASS)
• Hardship Affidavit/Request for Modification and Affidavit (RMA)
• Evidence of residency
• Dodd Frank Certification
• Subordinate lien documentation
• Form of income verification less than 90 days old and signed Form 4506T-ez
• Accepted purchase contract and copy of the listing agreement
• Completed Uniform Borrower Assistance Form

Documentation Requirements for Deed in Lieu of Foreclosure (DIL):
• Evidence that property has been listed for sale at market value for at least 120 days
• Hardship Affidavit/Request for Modification and Affidavit (RMA)
• Evidence of residency
• Dodd Frank Certification
• Subordinate lien documentation
• Form of income verification less than 90 days old and signed Form 4506T-ez
• Completed Uniform Borrower Assistance Form

Documentation required to evidence Imminent Default:
• Hardship Affidavit/Request for Modification and Affidavit (RMA)
• Evidence of residency
• Dodd Frank Certification
• Subordinate lien documentation
• Form of income verification less than 90 days old and signed Form 4506T-ez
• Completed Uniform Borrower Assistance Form
• Evidence of one of the borrowers death, disability or divorce

VALUATIONS

Establishing Property Value:

• First Financial Bank N.A. will obtain, from an approved vendor, an interior BPO, Appraisal, or AVM

If Property Valuation is Disputed by Borrower:
• Written request from Borrower disputing Property Valuation within 14 days

Price Reduction Review During Marketing Period:
• Property must be listed at market value for a minimum of 120 days, after which, price reductions may be considered upon written request 

PAYMENTS DURING MARKETING PERIOD

Borrowers are legally obligated to make the full amount of their payments; however, reduced monthly payments as stipulated in the SSA may be accepted based on verified income of the borrower.  These reduced payments do not constitute a modification of the loan.

DEED-IN-LIEU POLICY / SPECIAL PROGRAMS

Deed-In-Lieu may be considered under these unusual circumstances:
• Serious illness, disability, or a deceased borrower
• Relocation or Military Deployment
• Incarceration
• After a good faith attempt to sell the property, a deed-in-lieu may be considered if the borrower is incapable of making monthly payments

AVERAGE TIMELINES

Average or approximate timelines for various aspects of the HAFA Program:

• Submission of required income/eligibility documentation-14 days
• Eligibility Review to Issuance of SSA- 14 days
• Borrower return of SSA – 14 days
• Marketing period -120 days minimum
• Submission of purchase contract- upon accepted offer of property
• Servicer’s approval of purchase contract- approximately 14 days
• Escrow and Closing – approximately 30 days

CONTACT INFORMATION

First Financial Bank Contacts for questions or assistance with HAFA:
• General HAFA questions: Call 1-812-238-6000 or 1-800-511-0045, Scott Bahus sbahus@first-online.com, Jeffrey Tarrh jtarrh@first-online.com, or Carolyn Shipley cshipley@first-online.com, fax 812-238-6421, address PO Box 540, Terre Haute, Indiana 47808
• Valuation appeals: Call 1-812-238-6000 or 1-800-511-0045, Len Fischer lfischer@first-online.com, address PO Box 540, Terre Haute, Indiana 47808
• Transaction status: Call 1-812-238-6000 or 1-800-511-0045, Scott Bahus sbahus@first-online.com, Jeffrey Tarrh jtarrh@first-online.com, or Carolyn Shipley cshipley@first-online.com, fax 812-238-6421, address PO Box 540, Terre Haute, Indiana 47808
• Escalation of complaints or concerns: Call 1-812-238-6000 or 1-800-511-0045, fax 812-238-6421, Len Fischer lfischer@first-online.com, address PO Box 540, Terre Haute, Indiana 47808, or makinghomeaffordable.com or 1-888-995 HOPE
• Single Point of Contact: Call 1-812-238-6151 or 1-800-511-0045, Carolyn Shipley


Disclaimer – First Financial Bank N.A. provides this information as a general guideline to assist our mortgage borrowers. Specific details and requirements of the program may be obtained by contacting the individuals in the CONTACT INFORMATION section above.

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