Santa Clarita HAFA Short Sale Agent | Supplemental Directive 10-18 Updates HAFA Program

Santa Clarita Short Sale Specialist HAFA Program update

Homeowners updates to the HAFA Short Sale Program loosened some of the eligibility requirements.

The Home Affordable Foreclosure Alternatives (HAFA) Program provides opportunities for borrowers to transition to more affordable housing through a short sale or deed-in-lieu (DIL) of foreclosure when they can no longer afford to stay in their home but want to avoid foreclosure. HAFA provides financial incentives to servicers, investors, and borrowers that utilize a short sale or a DIL to avoid a foreclosure on a HAMP-eligible loan.

The HAFA short sale process employs standard form documents and defined performance timeframes to facilitate clear communication between the parties to the listing and sale transaction. Servicers must adhere to the following guidelines in connection with the issuance of an SSA. (Short Sale Agreement)

Either proactively, or at the request of an eligible borrower, the servicer will prepare and send an SSA to the borrower after determining that the proposed sale is in the best interest of the investor. A borrower may not participate in a TPP (Loan Mod Trail Payment Plan) and agree to an SSA simultaneously. The servicer will also provide the borrower a RASS, (Request Approval Short Sale) pre-populated with contact information for the servicer, the property address and the loan number.

The borrower must sign and return the SSA within 14 calendar days from the SSA Effective Date along with a copy of the real estate broker listing agreement and information regarding any subordinate liens. In returning and signing the SSA the borrower agrees to:

• Provide all information and sign documents required to verify program eligibility.
  
• Cooperate with the listing broker to actively market the property and respond to servicer inquiries.
  
• Maintain the interior and exterior of the property in a manner that facilitates marketability.
  
• Work to clear any liens or other impediments to title that would prevent conveyance.
  
• Make the monthly payment stipulated in the SSA, if applicable.

As your Santa Clarita Short Sale Agent we have the training and skillset to get you through the HAFA program or traditional short sale process, which ever route your eligible for. Our extensive knowledge of this foreclosure market sets us apart from our competition. As you can see continuing education is critical to keep up with the changes occurring in this real estate market.

Jennifer and I are both Advanced CDPE Agents with a Pre Foreclosure Specialist Certifications. By working with us homeowners ensure themselves they are working with an agent who is receiving continuing education and is up to date on all the options available to utilize. Jennifer and I keep current with continuing education from our Advanced CDPE membership and or personal relationship with PartnerFirst/Servicelink. As your Santa Clarita HAFA Short Sale Agent, Jennifer and I will explain this complex process in layman's terms.

The below HAFA policy chart outlines changes made to existing guidelines on December 28, 2010. These changes go into effect February 1, 2011, but servicers may adhere to guidelines immediately.

For more information visit, Santa Clarita's Foreclosure / Short Sale Resource Center