Folsom Certified HAFA Agent Explains Benefits Of HAFA Short Sale

Certified HAFA Specialists Are Trained To Close Your HAFA Short Sale

So What are the HAFA Benefits?

Folsom HAFA Certified Short Sale Agent and Folsom Expert HAFA Short Sale Negotiator Forth Hoyt Explains The Benefits Of HAFA Short Sales.

Designed by the Administration and funded by the Treasury, The HAFA Program, which took effect April 5, 2010, provides servicer, seller and Investor (whoever actually owns the note)  incentives. HAFA is supposed to benefit everyone involved in the HAFA Short Sale Negotions.

You see, 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%  ever receive 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…

So you can see why the government had to step in and attempt to set up a program that would streamline and systematize the very hard to manage and difficult Short Sale Process.  HAFA is a last-ditch effort to keep homeowners out of foreclosure, after failing a loan modification attempt.

So it was an afterthought…never supposed to even be necessary; we have to remember that as a Foreclosure Prevention program,  HAFA is a moving, evolving and improving system; it’s definitely getting better and better, moving towards becoming the solution it was supposed to be when it was first rolled out.

When HAFA was first introduced, the servicer, seller and lien holder incentives were touted as being designed to simplify and streamline the use of short sales and deeds-in-lieu of foreclosure.  A great deal of hoopla and fanfare over the new program made it sound like the HAFA program was going to be the short sale Garden of Eden. What a joke-

I personally was talking sellers out of using HAFA because I had two terrible experiences with the program and thought it was a joke-Even though I was also one of the very first agents in Folsom HAFA Certified. I knew the guidelines and how it was supposed to work better than even the most highly trained Manager at the servicers I was working with- The Short Sale Negotiators who are doing HAFA at Bank of America, for instance got only FOUR HOURS OF HAFA TRAINING!

However, in the last several months there have been major changes to the HAFA program and the way it is being administered and currently I have three HAFA short sales that are moving along nicely and look forward to an approved HAFA short sale in just a few days. Two of these are HAFA Bank of America and being administered by Loan Resolution. So HAFA is finally working and will continue to get better, faster and more streamlined.

What Is HAFA? Can I qualify for HAFA?

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:

• The borrower does not qualify for HAMP.
• The borrower does not successfully complete a HAMP Trial Period.
• The borrower is delinquent on a HAMP modification.
• The borrower requests a short sale or Deed-in-Lieu of Foreclosure.

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
Or
Find if you qualify for your 1st or 2nd Lien Modification Program (2MP) harp