HAFA Short Sale

HAFA Short Sale Specialist in Bay Area

What is HAFA (Home Affordable Foreclosure Alternatives)?

The US Treasury Department has released it’s guidelines to help those homeowners who cannot afford the mortgage payment to avoid foreclosure by selling their house through short sale or deed-in-lieu agreement. HAFA is part of Home Affordable Modification Program (HAMP) to avoid a foreclosure on an eligible loan under HAMP. This new government program also offers some cash back as a relocation expenses when the homeowners sells their house.

This program is available not available for loans owned by Fannie Mae or Freddie Mac at this time, they may release similar to this HAFA program in the near future. But, homeowners with Fannie Mae or Freddie Mac backed loans can do a regular short sale.

HAFA Short Sale Benefits:

The homeowner will be entitled to a relocation incentive of $3,000
Fast approval than regular short sale
No deficiency judgment, banks are required to release the homeowner from all mortgage liabilities.
No promissory note for unpaid balance or cash contribution to any lenders
Homeowners can avoid Foreclosure
Free of Cost to homeowners! Lenders will pay the realtor’s commission.

HAFA Short Sale Eligibility Criteria:
Homeowners who are eligible for HAMP but cannot afford the modified payment are eligible for HAFA short sale program or if a homeowner who does not successfully complete a Trial Period Plan, or default on a HAMP modification or request for short sale instead of loan modification are also eligible for this program.

Who Qualifies for HAFA Short Sale?
In order to qualify for this program, a loan must meet these following basic criteria:

The property is the borrower’s principal residence (Investors or 2nd house owners can do regular short sale)
The mortgage loan is a first lien mortgage originated on or before January 1, 2009
The mortgage is delinquent or default is reasonably foreseeable
The current unpaid principal balance is equal to or less than $729,7501 (In regular short sale – the homeowners can do short sale on up to $2 million of unpaid mortgage balance for married and $1 million if married and filing separately)
The borrower’s total monthly mortgage payment exceeds 31 percent of the borrower’s gross income.

Do I Need to Work with a Real Estate Agent?
Yes. It is a requirement to work with a real estate agent in HAFA short sale. I would suggest working with an experienced and trained short sale real estate agent so that they can take care of this process smoothly.

We are one of the top Bay area short sale expert covering Alameda, Contra Costa, Santa Clara, San Mateo counties. Our Services are FREE to You. Call Blaison at 510-366-9405 for a free consultation to see whether you qualify for a short sale or fill below application to contact us. All information will be confidential!

Time is very important, so contact your experienced and certified bay area short sale specialist now to begin the short sale process. Please call 510-366-9405 or submit the below form!!