Tuesday, March 22, 2011
What is a HAFA short sale?
A lot of the banks are participating in the HAFA short sale program. (Home Affordable Foreclosure Alternatives). If you are in a situation facing foreclosure, this is a good alternative. It is much easier than the traditional short sales have been and provides some other benefits as well:
1. It prevents foreclosure and gives the home owner some control over their housing transition. The timelines are predetermined and are much shorter than other short sales have been.
2. Debt forgiveness. The first lien debt is forgiven and incentives are provided to the investor to help the process of negotiation of the subordinate lien holders. The subordinate lien holder must also agree to release its lien and waive all future claims againt the borrower.
3. Relocation support. The borrower (home owner) will receive a $3,000 relocation benefit at the close of the short sale transaction to help with relocation expenses.
4. Pre approved terms prior to listing. You can request a preapproved price from the lender prior to listing.
Do you want to know if you may qualify for this HAFA short sale? Contact me and we can discuss it. It will depend on who the lien holder is and also the type of loan you have on the property. Also, other factors involved are:
1. The property is your principal residence.
2. The mortgage loan is a first lien mortgage originated on or before Jan. 1, 2009.
3. The mortgage is in default or default is reasonably foreseeable.
4. The current unpaid balance is equal to or less that $729,750.
Brandi Herrera
Your HAFA certified specialist
1. It prevents foreclosure and gives the home owner some control over their housing transition. The timelines are predetermined and are much shorter than other short sales have been.
2. Debt forgiveness. The first lien debt is forgiven and incentives are provided to the investor to help the process of negotiation of the subordinate lien holders. The subordinate lien holder must also agree to release its lien and waive all future claims againt the borrower.
3. Relocation support. The borrower (home owner) will receive a $3,000 relocation benefit at the close of the short sale transaction to help with relocation expenses.
4. Pre approved terms prior to listing. You can request a preapproved price from the lender prior to listing.
Do you want to know if you may qualify for this HAFA short sale? Contact me and we can discuss it. It will depend on who the lien holder is and also the type of loan you have on the property. Also, other factors involved are:
1. The property is your principal residence.
2. The mortgage loan is a first lien mortgage originated on or before Jan. 1, 2009.
3. The mortgage is in default or default is reasonably foreseeable.
4. The current unpaid balance is equal to or less that $729,750.
Brandi Herrera
Your HAFA certified specialist
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