Shelli Dore’s Real Estate Blog

Posts Tagged ‘HAMB

Home Affordable Foreclosure Alternatives (HAFA) was introduced to simplify and streamline the short sale process. HAFA accomplishes this in the following ways: 

  • Compliments the Home Affordable Modification Program (HAMP) by providing viable alternatives for borrowers who are HAMP-eligible
  • Utilizes borrower financial and hardship information collected in conjunction with HAMP, eliminating the need for additional eligibility analysis
  • Allows the borrower to receive pre-approved short sale terms prior to the property listing
  • Prohibits the servicer from requiring, as a condition of approving the short sale, a reduction in the real estate commission agreed upon in the listing agreement
  • Requires that borrowers be fully released from future liability for the debt
  • Uses standard processes, documents and time frames
  • Provides financial incentives to borrowers, servicers and investors

HAFA provides financial incentives as follows: 

  • Financial incentives for lenders participating in the program include a $1,000 servicing bonus
  • Homeowners can receive up to $1,500 in relocation assistance (which, in some cases, may classify as taxable income) after a short sale or deed-in-lieu has been executed
  • Lenders pay all servicing fees – homeowners suffer zero out-of-pocket expenses

If you (or someone you know) are a homeowner looking for answers, or would like to determine if you qualify for HAFA, contact me at 303-942-0648.  I’m here to help.  

Sources:

HousingWire “Treasury to Announce New Program to Avoid Foreclosure” (2009): http://www.housingwire.com/2009/10/12/treasury-to-announce-new-program-to-avoid-foreclosure/

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Shelli Dore

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…Remember! The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first! I can help make sure your friends, family members and work associates are very well taken care of.

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