Posted by http://www.floridashortsales.info - January 2, 2012 - News - 1 Comment
How Does HAFA Work
Finally the government designed a program that may benefits those that find themselves in a Mortgage they no longer can afford and a property that is worth far less then the amount owed on the mortgage. HAFA stands for Home Affordable Foreclosure Alternative. A mouthful I know, but a program that has helped many to date. HAFA was started in April of 2010 and is set to expire December 31st 2012. If you qualify for this program here are a few of the key elements you’ll benefit from;
HAFA Procedures
Assuming you qualify for HAFA the Short Sale Process is much more defined then a typical Short Sale. HAFA has strict guidelines that must be followed by the lender. The first step is to find a professional Short Sale Realtor to list the property. Once listed we submit a package to the lender for short sale approval. The lender has a specific timeline in which to respond and set the price they will accept. The lender will also offer a specific date in which the HAFA short sale has been approved to close.
If you qualify for this program here are a few of the key elements you’ll benefit from;
The Lender gives up its right to pursue a Deficiency Judgement. What this really means is the lender will not go after you for the difference between what the home sold for and what was owed on the mortgage.
Homeowner will receive $3,000 to assist in relocation upon the successful closing of the property.
The lender receives $1,500 upon the closing of the property. This tends to motivate the bank to pursue the short sale. Not to mention the home never going vacate or the need to Foreclose on the property. It’s truly a win, win all the way around.
HAFA will assist in paying off the second mortgage or credit line to a limited degree.
Who Qualifies For HAFA
The home must be your primary residence.
You must have a unpaid balance of your mortgage under $729,750.
The loan must have originated prior to January 1st 2009.
The loan must be your first mortgage.
Your monthly payments exceed 31% of your gross monthly income.
The mortgage is either in default or stands a great likelihood to go into default.
The loan can not be a FHA or VA instrument.
Please watch the below video for additional information. Or call one of our team members for a consultation to understand just what your options are.
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Testimonial
I was at the end of my rope dealing with these banks. Alan over at Florida Short Sale Realty help me make sense of what my options really are. I have since Short Sold my home and walked away with $5,000 thanks to Alan & his team.
Many Thanks!!
Strategic Defaults The question I get often is what do we do now. Many times my answer is very strai[...]
The above brokerage assumes no responsibility nor guarantees the accuracy of this information and is not engaged in the practice of law nor gives legal advice. It is strongly recommended that you seek appropriate professional counsel regarding your rights as a homeowner. The above brokerage is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. The hiring of a Realtor is an important decision that should not be based solely upon advertisements. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice.The offer of free Foreclosure Defense or post short sale Chapter seven Bankruptcy may not be offered to all clients. I reserve the right to withdraw this offer at any time and may not offer this free service to each and every client. The determination to offer the above free services will be evaluated on a case by case basis.
DISCLAIMER: Legal information is not the same as legal advice! The information on the Florida Realty Short Sale Web Site is provided with the understanding that the authors and publishers are not herein engaged in rendering legal advice.
We may offer our opinion on; Loan Modifications, short sales, deed in lieu, reinstatement of loan or general pre-foreclosure information .As such, the information presented here should not be used as a substitute for consultation with professional legal assistance or other competent adviser. While we have made every attempt to ensure that the information contained on this Web Site has been obtained from reliable sources, we are not responsible for any errors or omissions, or for the results obtained from the use of this information. (c) 2012 .
