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About Us What is a Short Sale? Seller Information List with us Buyer Information Tax and Legal Issues Resources HAFA Program Contact |
HAFA INFORMATION CENTER The Home Affordable Foreclosure Alternative or “HAFA” is an initiative that was introduced to help struggling Homeowners successfully short sell their home by following a set of established and simplified guidelines. The program does not cover every Homeowner or every Property. See below for more detail. Important dates to know when it comes to HAFA: - Program is effective as of April 5, 2010 - Progam expires on December 31, 2012 - Once Homeowner signs agreement with their Servicer they are under the HAFA contract for 5 months (can be extended if mutually agreed upon) How will HAFA help Homeowners? HAFA has... - Created a set of standard processes and timeframes - one key timeframe is that lenders will have a maximum of 10 days to respond to buyers offers on a HAFA approved property - Established financial incentives payable to Homeowners, Servicers and Investors - Releases struggling Homeowner from all future liability for forgiven debt (this refers to mortgage balance and NOT potential tax liability – consult with a Tax Professional regarding your tax consequences) - Gives the Homeowner (the seller) the ability to receive pre-approved short sale terms before even listing their home - Keeps the Servicer from reducing Real Estate Commissions as a condition of the approval - Streamlines Homeowners HAFA eligibility by using information from HAMP analysis Click here for complete details on HAFA timeframes and guidelines Click on the following links to learn more about HAFA: Financial incentives provided by HAFA Who is eligible for HAFA Applying for HAFA HAFA Short Sale Agreement Request for the approval of a Short Sale Alternative request for the approval of a Short Sale Deed In Lieu of Foreclosure Agreement Complete Outlines of the HAFA Program Take the first step today and call us for a consultation. Don't wait - The sooner you call the sooner we can get your life back on track.
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