HAFA Short Sales in Sacramento, CA are increasing and HAFA guidelines have become the benchmark for negotiating second loans in short sales.
If you upside-down on your Sacramento mortgage and are in need of a short sale and qualify for the HAFA Short Sale program it can be of great benefit to you. It allows the seller to receive up to $3,000 for moving expenses upon completion of the short sale, (HAFA cash for keys) called relocation assistance.
In 2009, the United States Treasury Department enacted the HAFA Short Sale program to put forth a viable solution for Sacramento Homeowners who are no longer able to afford their mortgage payments or keep their homes through the already established Home Affordable Modification Program (HAMP). The HAFA short sale program went into effect on April 5, 2010 and was set to expire on December 31, 2012. However due to overwhelming public outcry the HAFA short sale program has now been extended through December 31, 2013.
Servicers participating in HAMP are required to comply with the HAFA Short Sale Program. A list of servicers participating in HAMP (including HAFA) is available at: MakingHomeAffordable.gov
HAFA also provides incentives in connection with a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification under the HAMP program. HAFA’s Deed in Lieu is available to homeowners only after the home has been listed for a minimum of 90 days as a short sale and failed to sell. So How Does the HAFA Short Sale Program Help Me?
Who qualifies for the HAFA short sale program?
The HAFA Short Sale program is only available for owner occupied properties. In addition, the unpaid balance owed to the bank must be less than $729,750. Finally, if you have 1 or more lenders, all lenders, banks and lien holders must agree to fully participate in the HAFA . The lender(s) have a right to deny participation in the program on any file.
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!