HAFA – Home Affordable Foreclosure Alternative
A HARP Refinance not an option? Not sure what foreclosure alternatives you have?
Short sales are tough. Tough for sellers, tough for buyers, tough for Real Estate Agents and tough for Mortgage Lenders.
Geography doesn’t matter, from Georgia to Florida, South Carolina, Tennessee or Alabama – negotiating, closing or selling a short sell is HARD.
Real estate agents play an integral part in the short sale process. Negotiating one requires skill, tenacity and patience. If you are a home-owner looking at a short sale then Agent selection is vital.
FIND A SHORT SALE SPECIALIST
It’d no secret home-owners have been hit hard by the recession and housing crash. 40%+ of all home sales are distressed properties; foreclosures, short sales or deed in lieu of foreclosure.
Fortunately, the federal governmant’s Home Affordable Foreclosure Alternative (HAFA) program was introduced in 2010 and, with recent changes making HAFA short sales more attractive, has been gaining traction.
With buy-in incentives offered by the government for lenders to participate, including mandated debt forgiveness (no 1099!!) and relocation incentives, many mortgage servicers have decided HAFA is a more economical alternative than foreclosing.
The establishment of clear response timelines for short sale mortgage lenders has also assisted the sometimes endless short sale process.
The HAFA program also protects real estate agent commissions which is important to ensure the best agents participate in the program.
The difficulties and additional effort required with the short sale process require talented real estate agent assistance. If lender’s cut the fee’s and incentives for the best and the brightest to help you save your home then your short sale process get’s even tougher.
HAFA Offers a Foreclosure & Short Sale Alternative
To combat extended short sale turn times and ease the process, the Obama administration created HAFA. If you can’t qualify for a HARP | DU Refi Plus | Obama Refi maybe a HAFA short sale makes sense.
If you have an FHA, VA or USDA loan you’re not eligible for HAFA or HARP. You may need a traditional short sale. We can help you locate a local short sale specialist.
Get a QUALIFIED Short Sale REALTOR!
Still want to do everything possible to keep your home? We offer all the refinance options as well, including HARP | DU Refinance Plus | FHA Streamline Refi and VA IRRRL.
If none of those options work for you and loan modification and HAMP options have failed, the HAFA and traditional Short Sales may be the best option to get you into an affordable mortgage payment.
Still Not SURE WHAT Your Options Are? All the acronyms just confusing? HARP, HAMP, HAFA whatever? We can help, we are distressed property experts.