Can HAFA help you? What can it provide you when you complete a short sale?
If you’re a Brea homeowner like thousands of others all over Orange County, you’re facing the real possibility of foreclosure, you may have heard or seen the acronym, HAFA. HAFA, the Home Affordable Foreclosure Alternatives Program, was introduced by the Treasury Department in 2009, and it’s for people in unresolvable financial trouble and mortgage crisis. You probably feel alone in your struggle to cope with impending threat of foreclosure and the mounting pressures of your mortgage. You may feel that options that can really help you are out of reach. When you’re under these pressures, catastrophe and devastation seem to be hanging over you like a dark cloud and they often actually are just that close.
There is hope for you and it’s just a call away. HAFA was designed for homeowners just like you. Maybe you’ve already tried to get a loan modification under the HAMP program and the lender acted like it was a joke or that it was never even a remote possibility, crushing your hopes further.
HAFA provides Brea homeowners with a much brighter option to foreclosure through the short sale process. The program provides benefits to homeowners in the form of up to $6,000 cash to be used in relocation, incentives for lenders and for investors. These incentives work to encourage every stakeholder in the short sale process to cooperate with an attempt to sell rather than foreclose.
Eligibility requirements and documentation are similar to those for HAMP, so if you’ve applied for HAMP, much of the work is already done. HAFA Guidelines are somewhat general and qualifications are often interpreted by the lender. The program qualifications are more fluid and have already undergone changes in how it works. Your experienced Brea short sale agent will know how these guidelines and changes influence your short sale.
If you’re approved for a short sale under HAFA, you can expect pre-approved short sale terms prior to listing your home. Meeting the terms allows you to be released from liability on your mortgage shortfall.
Now is the time to contact your Brea short sale agents for expert help from an experienced and successful team with an established record of closed sales and many fortunate homeowners who found relief from the burden of overwhelming financial circumstances. Call us today for the first step in your own answer to and permanent relief from your mortgage and financial problems that left unresolved, get worse with every passing day.
One of the country’s major banks recently issued a letter to one of my clients stating, and I quote: “You may be eligible for $20,000 to short sell your home.”
If you’ve been considering a Brea short sale and receive a letter like this from your bank, make this decision your top priority. Banks aren’t known for handing out their own money, so this action indicates they have reason to believe you will become a foreclosure casualty. Based on your payment history, they recognize your difficulties and realize the negative equity is NOT going away any time soon.
In the meantime, MANY FAMILIES live in a state of anxiety,anticipating the bank’s foreclosure and knowing they will eventually be forced out. This process is stressful on the part of the homeowner and costly on the part of the bank – most likely to the tune of $20,000. Therefore, getting out in front of it is a business decision for both the homeowner and the bank.
The great thing about this program is that it expedites a decision and helps a family relocate to a new home. Most people in this situation fret over the cost to relocate. The federal government program, HAFA, assists with a $3,000relocation disbursement but the aforementioned bank is taking matters into their own hands to help their troubled homeowner make a decision. Kudos!
Once I close this transaction, I’ll provide details on the transaction experience with my client. In the meantime, should you have any questions, please don’t hesitate to contact me.
Stay tuned!
Brea Short Sale Agent - here to help you with experience and closing success:
What Is A Short Sale?
The essence of a short sale is that any time you owe more on your home mortgage than current home value on the real estate market, and your lender permits you to sell the home for less than the current loan value, that is a short sale. The conditions vary somewhat but with the market prices of homes in Brea taking a deep plunge in the last several years, many homeowners find themselves facing new and difficult financial circumstances, often the byproduct of a job loss or failed investment produce the inability to keep up with your mortgage payments.
A successful Brea short sale agent will bring skill and short sale listing experience to the table and already knows how to excel in handling the complex and sometimes seemingly treacherous processes that are part of every Brea short sale.
In your Brea short sale, there are four seats at the bargaining table with four different interests. Your Brea short sale agent must be constantly aware of and carefully negotiate the interests of each. They are:
- The Brea homeowner
- A buyer
- The servicer who processes the paperwork
- The investor who owns the mortgage and who makes the final decision
When the investor signs the approval, the Brea short short sale is basically a done deal, but processors don’t always go with the flow even with investor approval. Even when Brea short sale agents follow lender and investor directions- to call in and have the foreclosure date postponed, loan servicers may “change their mind” even in the final hours of a short sale. Sellers have found out, sometimes in the last 48 hour window that the foreclosure is moving ahead on the original scheduled foreclosure sale date.
It is critical that you not hire just any agent, who lacks experience in closing short sales. Short sales are complex and fraught with pitfalls. Closing and foreclosure are often just days apart and the day that gets there first for you, the Brea short seller makes all the difference between a successful sale and an unforeseen and sudden, unexpected Brea foreclosure.
Recently a client of ours was approved on a loan modification through HAMP. HAMP (Home Affordable Modification Program) is the government legislation to help distressed consumers modify their home loan. Although my client received a loan modification, the monthly payment was still to expensive for their current situation.
When they called us for their Brea short sale, we investigated the situation and were able to move the HAMP into a Quick HAFA approval, the government’s short sale version of HAMP. As their Brea short sale agent, we were able to sell and close their Brea short sale in less than 60 days. and the sellers received 3,000 for relocation.
Call Now: 877-828-8523
When you start to think seriously about doing a short sale for your home, I can help you have the best chance of success for a Brea short sale. Any real estate agent can list a Brea distressed property or short sale with just a real estate license but it will take proven capability to keep your short sale from turning into another Brea foreclosure. It will take experience in our local market. You need a Brea short sale agent with a track record of success. I bring you my short sale success and experience in the often difficult road ahead in a short sale. I can give you the best shot at getting your short sale through to closing and at keeping it from falling back into foreclosure proceedings.
