The Real Scoop On HAFA? You Do Know What HAFA IS Don’t You?
I’m not sure if you opened your present from the government, but it was under the tree. Maybe you didn’t recognize it as the true present it was. However, it most assuredly was a gift you are going to want to unwrap and have fun with.
You see in the midst of all the hustle and bustle of the Holiday season the Treasury Department released information on the Home Affordable Foreclosure Alternatives Program (HAFA).
The program will take effect April 2010 and you’d better be ready for it. It could mean significant dollars for you.
One aspect of the the program is that it standardizes the eligibility for short sales.
Upon the successful closure of a short sale or deed-in-lieu through the HAFA, the following incentives of $1,500 in relocation assistance to the borrower; $1,000 in expense reimbursement to the servicer; as well as up to $1,000 in investor reimbursement for subordinate lien releases will be given. This is money over and above any commission to be paid.
Aside from these incentives, the program uses borrower financial information collected in conjunction with HAMP, removing the need for added eligibility analysis, sets minimum acceptable net sale proceeds to be determined by a consistent written policy developed by each servicer, and requires borrowers to be fully released from future liability for the debt.
The success of this program, analysts said, is also a “double edged sword.” They explained that short sales limit loss severity (wow..there’s a terms we have been teaching Realtors about for over two years!) because of lower advancing and better bids on the property as compared with REOs.
But, analysts said that increased short sales will shorten the liquidation timelines and release the supply of distressed properties into the market sooner.
That means more inventory and possibly lower prices…you know, the kind of things that buyers salivate over!
Well we are adding some new modules to our already comprehensive Short Sale Video Course. One of those modules is going to be comprised of interviews with some of the brightest minds in finance.
Our first interview about HAFA will be with Mary Tootikian. Tootikian is the author of Stunned in America: The Sub-Crime Mortgage Crisis, is a veteran in the mortgage industry.
“There are over 536 individuals in Washington, D.C, who are making house-crushing decisions that affect over 300 million Americans,” says Tootikian. “Congress can’t relate to us anymore. The facts behind this mortgage crisis will anger you – but there are steps we can take.”
These interviews will be free to all of our members. It will be the kind of information that will definitely give you a leg up over your competitors in 2010.
If you’d like to learn more about the HAFA program and listen in on what finance experts have to say about this and other mortgage relief programs AND receive access to the most comprehensive short sale training program on the market, then please visit us at the Short Sale Video Course.
Home Affordable Foreclosure Alternatives Program (HAFA) Nov 30, 2009 … HAFA is part of the Home Affordable Modification Program (HAMP). HAFA provides incentives in connection with a short sale or a deed-in-lieu …
HousingWire, a mortgage and real estate news site. reports that The Florida Supreme Court yesterday adopted a mediation program to reach out to borrowers facing foreclosure, according to a court order. The bill may help aid distressed borrowers who are too far along in the foreclosure process to benefit from next year’s Home Affordable Foreclosure Alternatives Program (HAFA)
Making Home Affordable Update: Foreclosure Alternatives and Home …
Making Home Affordable. Update: Foreclosure Alternatives and Home Price Decline Protection Incentives. On Feb.18th the Obama Administration announced the …
Supplemental Directive 09-09 November 30, 2009 Introduction of …
Home Affordable Foreclosure Alternatives Program – Short Sale. A “short sale” is specifically designed to help borrowers who are unable to afford their …
