La Quinta, Ca Real Estate Blog

HAFA Short Sale Program Changes taking effect June 1, 2012

Laura Lake - La Quinta Short Sale Specialist (Keller Williams Realty La Quinta) — Wed, 30 May 2012 15:05:37 -0700

The following HAFA (Home Affordable Foreclosure Alternative) will go into effect June 1, 2012

The most important change is that the HAFA Short Short Program has been extended to December 31, 2013.

Other Important Changes:

The removal of occupancy requirements. Previously, HAFA required homeowners to have lived in the property within the last 12 months.
$3,000 relocation incentives will be limited to properties occupied by an owner or tenant at the time of the short sale.
Mortgage payments will be allowed to exceed the 31% of the homeowners gross monthly income. This update will allow a homeowner to stay current on their mortgage and still qualify for a short sale, minimizing the overall impact to their credit.
Secondary lien holders may receive up to a maximum of $8,500, up from $6,000 previously.
The Credit Bureau Reporting for short sales will be Account Status Code 13 (paid or closed account/zero balance) or code 65 (account paid in full/a foreclosure was started), as applicable.

With these updates, a homeowner can be current on their mortgage, qualify for HAFA, continue to make their payments, and execute a short sale with minimum impact on their credit and be eligible to purchase a home much sooner than the 2-3 year wait on a traditional short sale.

To learn more about short selling your home: Visit www.StopMyDesertForeclosure.com

See how long you need to stay in your home before you are "liquid" again: www.StayorSellMyHome.com

Laura Lake of The Laura Lake Group is a Mega Agent with Keller Williams Realty in La Quinta, CA, working with buyers and sellers to meet all their Real Estate needs.

Laura who is HAFA Certified and a Certified Distressed Property Expert (CDPE) can help distressed homeowners navigate through their options to avoid foreclosure.

Our Mission Statement: To be a positive example in the Real Estate Community by maintaining a professional and ethical business. To make the buying and selling of real estate as convenient, most cost effective, and time efficient as possible for our clients . We strive to go above our client's expectations and provide "The Future of Real Estate Services". With the Laura Lake Group...you will never ask "Where's my Agent?"

The Laura Lake Group, La Quinta Real Estate Team, Experience "The Future of Real Estate" - 760-609-4601

La Quinta, Ca Real Estate Blog

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