What Is HAFA? How Do You Do HAFA? Folsom and El Dorado Hills Short Sale Specialist Explains

From Folsom El Dorado Hills HAFA Short Sale Specialist

Folsom and El Dorado Hills Certified HAFA Short Sale Specialist Explains HAFA Short Sale Program

Folsom and El Dorado Hills Short Sale Specialist Forth Hoyt Answers Questions On the HAFA Short Sale Program.

As a Folsom Short Sale Expert, I regularly consult with upside-down Homeowners in Folsom and El Dorado Hills about the options for their over encumbered homes in Folsom or El Dorado Hills.

In 2009, the Treasury Department (HAFA is funded by taxpayer dollars) introduced the HAFA program to provide a viable option for homeowners who are unable to keep their homes through the existing Home Affordable Modification Program (HAMP), which was at the time failing miserably. So in other words; the banks were not approving (and still aren’t) and were not providing realistic modifications (and still aren’t) to homeowners… so another alternative was needed to keep people out of foreclosure.
The HAFA short sale program has been Extended to 2013.
HAFA took effect on April 5, 2010—although some servicers implemented it sooner. The HAFA Short Sale Program will end on December 31, 2013. It was originally slated to end this year: December 31, 2013, but HAFA was extended to December 31, 2013.

My team and I have successfully negotiated and closed many Folsom HAFA Short Sales and have built a reputation as Folsom HAFA short sale Specialists. I am a Certified HAFA Specialist and have been negotiating HAFA Short Sales in Folsom for over 2 years now.

Here is some information I have quickly gathered about the HAFA program and the HAFA guidelines and forms plus a quick video that will explain the program. I get questions nearly daily: What Is HAFA? How Do You Do HAFA?

Questions on your particular situation? Let’s visit! Contact us Today At Forth Hoyt’s Sacramento Short Sale Center

Home Affordable Foreclosures Alternatives Program: HAFA Guidelines and Forms

Basic Overview of HAFA Short Sales

went into effect April 5, 2010
Pertains to 1st Lien Non-GSE Mortgages
Utilizes borrower’s financial information through HAMP
Financial incentives provided to borrowers, servicers and investors
Sets limits on lender response time
Lender forfeits ability to pursue deficiency judgment
Caps claims of subordinate lenders
HAFA short sale program has been Extended to 2013

HAFA Requirements

A loan is eligible if all of the following conditions are met:

Property is borrower’s principal residence for HAFA
Loan is a 1st lien mortgage
Originated before Jan 1, 2009
Mortgage is delinquent or default is reasonably foreseeable
Current unpaid balance is equal to or less than $729,750
Borrower’s total monthly mortgage payment exceeds 31% of borrower’s gross income

Incentives of HAFA

$3,000 HAFA incentive to Borrowers for relocation costs
Will be deducted from gross sale proceeds at closing
$1,000 to Servicers for administration and processing fees
Servicer may not charge borrower any processing fees and MUST pay all out-of-pocket expenses
$1,000 to Investors for subordinate lien holder payoff
For every three dollars spent to release liens, buyer or investor is reimbursed one dollar – capped at $3,000

My team and I successfully negotiate and close Folsom and El Dorado Hills HAFA Short Sales regularly, several per month sometimes. We have built a reputation as Folsom HAFA short sale Specialists. I am a Folsom Certified HAFA Specialist and have been negotiating HAFA Short Sales in Folsom for over 2 years now.
We are the Short Sale Specialists in Folsom and Short Sale Specialists in El Dorado Hills!
Questions on your particular situation? Let’s visit! Contact us Today At Forth Hoyt’s Sacramento Short Sale Center

What Is HAFA? How Do You Do HAFA? Folsom and El Dorado Hills Short Sale Specialist Explains

Related posts

Why Choose a CRS? (Certified Residential Specialist)

Sell For More Every Time! Many of These Projects are FREE!

MAKE YOUR HOME SELL FASTER AND FOR MORE without breaking the bank!