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Sacramento HAFA SHORT SALE SPECIALIST Answers: Can I Do HAFA? HAFA Short Sale Facts And Fiction



Certified HAFA Specialist Forth Hoyt

Certified HAFA Specialist Forth Hoyt

Sacramento Certified HAFA Short Sale Specialist and Folsom Multi-Certified Short Sale Expert Forth Hoyt Explains More HAFA Facts:

The Newest Government Anti- Foreclosure Program; HAFA Has A Lot Of People Asking Questions.

Here  Are Many Questions I  Have Been Answering Lately About HAFA or The Home Affordable Foreclosure Alternatives Program:

What is a HAFA Short Sale and how does a HAFA Short Sale work?

The HAFA Government Short Sale Program was created in the wake of a Failing HAMP loan modification program that only provides less than 50% of its applicants with any type of successful modification, and of those 40ish%  that successful, less than 3%  have any type of principle reduction to today’s values- so less than 1 in 100 loan modification applicants get what they need as far as a long term, sustainable solution…
Just like any Short Sale, the homeowner sells the property for market value, which is less than the full amount due on the mortgage. It could be called a Short Pay Sale.

What’s Different About a HAFA Short Sale?

If a homeowner qualifies  for a HAFA Short Sale, the  short sale servicer approves the Short Sale terms prior to the Short Sale Agent listing the home and then accepts the payoff in full satisfaction of the mortgage. Also of note: in a HAFA short sale, there can be no lender recourse, so HAFA Short Sale, full settlement language must be included. There can be no deficiency judgment on a HAFA short sale

What other alternatives to foreclosure are in the Making Home Affordable Program?
The Making Home Affordable Program includes other  foreclosure avoidance options through the Home Affordable Foreclosure Alternatives (HAFA) Program. The primary options available through HAFA include HAFA Short Sale and HAFA Deed-in-Lieu of Foreclosure.

New Government Foreclosure Prevention Program Eligibility- Which Programs Do You Qualify For?

How does the HAFA Deed-in-Lieu of Foreclosure work?
With the HAFA Deed-in-Lieu of Foreclosure, the homeowner voluntarily transfers ownership of the
property to the servicer in full satisfaction of the total amount due. The servicer may require that the
homeowner list the home with a short sale agent and market the property before they agree to a deed-in-lieu arrangement. In order for the Deed-in-Lieu of Foreclosure to work, the homeowner must provide a marketable title, free and clear of other mortgages, liens, or other encumbrances.

How Does a Deed-in-Lieu of Foreclosure Affect My Credit Score?

When a homeowner does a Deed-in-Lieu of Foreclosure it does affect their credit score. A Deed-in-Lieu of Foreclosure is recorded exactly as a foreclosure on your credit report.  Your  score will  down by 250 points or so.  However, you can try and rebuild your credit but just like a foreclosure, the deed in lieu gets reflected on your credit report for 7 years.  At the end of the 7th year, you can request the bureaus to remove the deed-in lieu  from the report.

What Other Government Programs Do You Qualify For? CHECK YOUR ELIGIBILITY NOW!

What do I need to do to be considered for HAFA?
Contact you bank(‘s) or servicer(‘s) immediately and ask if you qualify and/or if your investor(‘s)  is/are participating in HAFA.

They will tell you that homeowners must be evaluated for HAFA within 30 calendar days of the following:

However, before evaluating a homeowner for HAFA, a participating servicer must first consider that
homeowner for other loan modification or retention programs that they offer. In addition, pursuant to the servicer’s policies, every eligible homeowner must be considered for HAFA by a HAFA participating servicer before the homeowner’s loan is referred to foreclosure and before the lender or servicer may allow a pending foreclosure sale to continue.

Are you in Folsom, Granite Bay, El Dorado Hills, Natomas, Roseville, Elk Grove, Mather, Lincoln, Rocklin, or any other Sacramento area? We really are here to help!

More Questions About your Situation? Talk To A Certified Foreclosure Prevention Expert Today!

Contact us Today At Forth Hoyt’s Sacramento Short Sale Center


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