“World's Most Complete Neighborpedia”
Sponsor a Community — What is Localism? | Register or Sign In
Explore:   What's happening in your neck of the woods?
Home Home Affordable Foreclosure Alternatives (...

Home Affordable Foreclosure Alternatives (HAFA): Lender and Homeowner Incentives

Home Affordable Foreclosure Alternatives (HAFA): Lender and Homeowner Incentives:

The number of HAFA short sales is on a steady rise as they are the best choice for my clients who are eligible. I must admit they take a bit longer, however the benefits far outweight. For an up to date summary of information on HAFA you can visit the Realtor Short Sale Site. The HAFA Program Overview is the most reliable information since it is from the www.hpadmin.com site. One of the best changes is that homeowners can vacate the home and still receive the $3000 homeowner incentive if the short sale closes within one year and it was a primary residence at the time it was vacated.
To find out if you are HAFA eligible, call Jason Hector at 818-626-6469 or you can check to see if your lender is on the list of MHA Participating Loan Servicers. The Treasury Department Home Affordable Foreclosure Alternatives Program (HAFA) has been a huge help in providing protections for both homeowners and realtors. There are specific timelines for lender and homeowner response times which help to keep the files moving. It is important to act quickly, however if a Notice of Default is imminent or already been filed since lender can deny homeowners from HAFA if there is a foreclosure sale date less than 60 days away.

Another big improvement from the US Treasury Dept is the new HAMP Solution Center Escalation Process. This process allows borrowers and agents to open complaints against their lender when they are not following the guidelines under one of the Making Home Affordable Programs which include the HAFA Short Sale Program. They have been a big help in getting unwilling lenders to postpone foreclosure when they are not acting according to the guidelines.

These types of roadblocks and others are being worked out right now with my assistance. It is my goal to be a generous resource and offer my assistance to those willing to accept help. The ultimate goal being to assist borrowers in qualifying for the best program they are eligible and help ease the difficulties they are experiencing.

Home Affordable Foreclosure Alternatives (HAFA): Lender and Homeowner Incentives

Posted Wednesday Dec 21