Short Sale

Short Sale Expert Advice, Short Sale Agent, Short Sale Negotiation

Although majority of large lenders are participating in the HAFA Short Sale program, some do not.   One way to find out is through Housing and Urban Development Home Owners Assistance program.

HAFA (Home Affordable Foreclosure Alternative) was instituted to facilitate the settlement of Short Sale transactions between lenders and underwater Home owners.  

The beauty of the HAFA Short Sale is that it offers the home owners a fresh start since they can ditch their underwater home and literally the next day purchase a home that has equity.  But not every will qualify for a HAFA Short Sale since there are restrictions associated with the program.

The following are the HAFA guidelines which were revised in 2013 to reduce and eliminate the damage to the homeowners credit history.

1) Loan Balance:  HAFA guidelines only apply to the 1st liens with the balance NOT to exceed 
$729,750 for Single Family Homes.

2) Property Type:   There is no restrictions on the Occupancy and even your Investor properties do qualify.  

3) Origination Date:  Your mortgage note should have been originated on or before Jan 1, 2000.  

4) Short Sales Counter:  Most agent neglect to investigate this, but if you have attempted a Short Sale in the last 12 months but did NOT accept the offer from your lender, then you might NOT qualify for a HAFA Short Sale.

5) Pending Default:  You should be able to demonstrate to the lender that you are unable to make your payments due to Financial Hardship.

Finally, the beauty of a HAFA Short Sale is that your lender might offers you up to $3,000 for relocation expenses!  Contact Us to see if you qualify for a HAFA Short Sale since it’s an ideal way to unload your underwater property.