hafa: Short Sales - 3 Biggest Concerns When Selling as a Short Sale
- 01/20/14 07:53 AM
If you are a short sale seller or if you are considering selling your home as a short sale in San Diego County or anywhere in California, then you probably have some concerns about the process. You are not alone. Short sales are a very unique and stressful transaction, and many home sellers and prospective home sellers have some concerns and questions about the process. My team has helped hundreds of distressed borrowers in San Diego County to successfully sell their homes in short sales, and we understand the concerns of home sellers about this process. Here are the … (2 comments)
hafa: News Update - HAFA Short Sale Changes Released February 1, 2013
- 04/23/13 04:54 AM
The Home Affordable Foreclosure Alternatives program (HAFA) has gone through all sorts of changes over the last 4 years. The latest update to the Treasury program (Supplemental Directive 12-07) was released on February 1, 2013. Here are some of the most notable changes to the HAFA program in this latest directive (summary courtesy of Bank of America): The Short Sale Agreement (SSA) is being converted to a Short Sale Notice (SSN), which will no longer require the borrower to sign and return the agreement. The Request for Approval of Short Sale (RASS) and Alternative Request for Approval of Short Sale … (2 comments)
hafa: Short Sale Negotiations and Utility Bills
- 09/13/12 01:45 AM
An agent contacted our office the other day and was curious as to why the short sale lender would want to see a utility bill. “What does a utility bill have to do with the mortgage loan?” she asked. Great question. On the surface, it would seem that the short sale transaction and the mortgage loan has absolutely nothing to do with the utility bill for the property. But, if you dig deeper into the short sale process, you will see that the utility bill has a great deal to do with relocation assistance—something that is common in short sale transactions. … (9 comments)
hafa: Big Short Sale Changes this Friday
- 05/29/12 12:03 PM
I’ve got that Rebecca Black “Friday” song going through my head. That’s because, the Friday, June 1, there will be some changes to the processing of short sales. First off, changes to the HAFA program begin this coming Friday. These changes will now allow non-owner occupied properties to be considered, and there may also be opportunities for certain short sale sellers who are current on their mortgages to now participate in the HAFA program. Lastly, certain lenders may elect to pay up to $8500 to second lien holders. Second, Fannie Mae, Freddie Mac and others will now be required to respond … (39 comments)
hafa: What Happened to my Short Sale Incentive Money?
- 05/14/12 11:37 PM
Dear Melissa: We need help. Rather than let our house go to foreclosure, we got a Realtor® and put the house on the market as a short sale. We advised our Realtor® that we were interested in applying for the $3000 relocation expenses. She indicated that she would apply for that. We neither filled out nor signed an application for this. After two months, there was an offer on the short sale and today, at closing, we asked about the relocation expenses and were told that the bank said we didn't qualify. We were never notified and this was the first … (7 comments)
At a speech in Virginia, the President encouraged Congress to pass legislation to establish a streamlined refinancing program through the Federal Housing Administration (FHA) that would help all non-GSE borrowers who are underwater on their mortgages (but still making their payments on time) to refinance at today’s low rates.
This proposed program is in addition to the HARP 2.0 program that was introduced on November 15, 2011 for responsible borrowers with either Fannie Mae or Freddie Mac backed mortgages. … (7 comments)
hafa: Latest HAFA Report Card – Talk About a Face Plant
- 10/11/11 05:02 PM
I’ve just spent some time watching ‘fail’ videos on YouTube. Originally, I was planning to insert one here in order to make a strong point about the latest reports on the Treasury modification program (HAMP) and the Treasury short sale program (HAFA). But, the truth is that all of the ‘fail’ videos involve small children or adults getting involved in some pretty harry activities—things that readers of the blog should not try at home. Sadly, these Treasury programs have continued to demonstrate failing results—far worse than the skateboarder who does a face plant, or the boy who tries to flip off … (5 comments)
hafa: Here's One Foreclosure Alternative - Deed-in-Lieu
- 06/04/11 09:43 AM
We frequently read about different short sale incentive programs—HAFA, TAP, Bank of America Cooperative. Some of these programs also offer options and incentives for borrowers who are considering a deed-in-lieu of foreclosure. I have not written about deed-in-lieu very much, but thought it an appropriate topic since I have gotten a few calls and emails from agents who want to 411. A deed-in-lieu is simply the opportunity for a borrower (mortgagor) or homeowner to convey all the interest in the property back to the mortgagee (the lien holder or the bank). In exchange, the bank will not move ahead with … (9 comments)
hafa: What Is a Deed-in-Lieu of Foreclosure?
- 05/30/11 02:21 AM
A few days ago I was speaking with a woman about foreclosure alternatives. We were having a great conversation, and then she got a funny look on her face. I realized that my conversation turned into me using Realtor®-ese and not speaking plain old English—which, in most cases, is the language of the consumer.. One of the terms of Realtor®-ese that is cryptic when discussing foreclosure alternatives is the term‘deed-in-lieu of foreclosure or (also called deed-in lieu or DIL for short). A deed-in-lieu is simply the opportunity for a borrower (mortgagor) or homeowner to convey all the interest in the … (11 comments)
hafa: Spring Break in San Diego County – Time to Party Hearty
- 04/15/11 03:09 AM
With Spring Break here for some, it’s either time to whoop it up and party hearty (yes, that’s how you spell it) or it’s time to relax do some light reading. Here’s a recap of posts that have had the most hits; someone must’ve liked ‘em, so maybe you will too. Check them out (unless you are too busy with your Spring Break Madness):
Senate Bill 931 and Short Sales. This article explains Senate Bill 931 that took effect at the beginning of 2011. It’s good news for short sale sellers, so have a look. What is HAFA? HAFA … (7 comments)
hafa: Bust Out this HAFA Eligibility Questionnaire at Your Short Sale Listing Appointment
- 04/10/11 02:35 AM
There are so many different items to discuss at the short sale listing appointment. There’s the paperwork to collect for the lender, the terms of the listing to review, the presentation and showing of the property to discuss, and the myriad of questions about short sale policies and procedures to review. It’s often difficult to recall all of the details involved in taking a short sale listing—especially with regard to HAFA. HAFA guidelines have changed twice since January. So, unless you are on the TARP subcommittee, you might not be aware of all of the changes. I’ve created this helpful questionnaire … (2 comments)
hafa: Are Foreclosures Really Like Day Old Bagels?
- 04/01/11 04:51 PM
A few days ago, I read an article in the Los Angeles Times that discussed a proposed settlement that would force certain lending institutions to permit short sales for delinquent homeowners. After a little bit of further research, I found out that the meeting written about in the Times article was a meeting of government types and bank mucky mucks that took place on March 30th—as a result of the great robo-signing debacle of 2010. You recall the robo-signing debacle, don’t you? Banks (most notably, GMAC) were accused of signing off on hundreds of thousands of foreclosures without confirming the … (26 comments)
hafa: Evaluating the Short Sale Is a Lot Like Emergency Room Triage
- 02/26/11 01:38 AM
Taking a short sale listing sometimes involves a line of questioning not unlike triage that's done at the emergency room. When a potential short sale seller calls me, I ask a number of questions about the property (Is it owner-occupied? When did you obtain the loan? What is the balance on the first mortgage?) Then, if the conversation results in a listing appointment, I ask the prospective short sale seller to pull out the mortgage statement. Currently, there are a number of short sale programs available for prospective short sale sellers. So, using the answers to the questions noted … (4 comments)
hafa: Mortgage Re-Default Statistics After Loan Modification
- 02/09/11 04:10 AM
Some folks are not interested in statistics. Personally, I am fascinated by the successes and failures of the HAMP and HAFA programs (the government’s loan modification and short sale alternative programs). I speak with so many people that ring me at the eleventh hour when their loan modification has been declined or when they have already paid someone thousands to help with the modification and are seeing the modification going nowhere fast. Of course, everyone who is having trouble making ends meet probably wants to keep their home. Sadly, however, sometimes it is hard to make the mortgage payments—even after … (11 comments)
If you are a short sale seller or if you are considering selling your home as a short sale in San Diego County or anywhere in California, then you probably have some concerns about the process. You are not alone. 
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