Home owners are under pressure to sell their homes in a short sale are getting relief, in part to the federal government's Home Affordable Foreclosure Alternatives, or HAFA, program. Before many short sales where the lender accepts the sale of the property for less than the full amount owed took months to finish. With the complexity and length of process many were unsuccessful and ended in foreclosure.
HAFA is smoothing out the short sale rules and adds incentives to the borrowers and lenders thus avoiding foreclosure. Before HAFA homeowners often listed their home for sale without an idea of what the lender would accept. Loads of sellers and their Realtors have not been able to sort out the problems with short sales and have given up on the process because, even after sending in the correct paperwork, they have sometimes waited four or six months for their lender to respond even longer in some cases.
HAFA rules now pre-approve the short sale price from the lender before putting the home on the market. Furthermore the updated short sale rules create easy to understand process with outlined steps making understandable for everybody involved in the transaction.
The lenders must voluntarily join in the HAMP program for the HAFA guidelines to apply. More than 100 servicers have signed up to participate in HAMP, covering more than 89 percent of mortgages. To be eligible for HAFA, homeowners must first apply for a loan modification through the Home Affordable Modification Program, or HAMP. Owners who do not qualify for a loan modification or miss payments during the initial loan modification period qualify for HAFA.
Other
HAFA requirements are...
Property is principal residence.
Mortgage originated before Jan. 1, 2009.
Mortgage is owned or guaranteed by Fannie Mae or Freddie
Mac.
Borrower is delinquent or default is foreseeable.
Homeowner demonstrates hardship.
Borrower's total monthly housing payment exceeds 31 percent
of gross income.
Unpaid principal does not exceed $729,750.
According to HAFA rules, lenders now must offer a short sale in writing to the borrower within 30 days if the borrower does not qualify for or complete a loan modification. Borrowers then must respond within 14 days to the lender's short sale agreement.
"I believe it's going to be a fantastic program is helps out both the lenders and the borrowers. This program will make the entire short sale process faster and easer for everyone”, Janet O’Brian says.
Keller Williams Realty AV Ranked #1 in the Antelope Valley 661.733.0508 to list your home.Janet O'Brian is a Certified Short Sales Specialist in California is ready to help you with your Situation… Pre-foreclosures
| March | Feb | Jan '10 | Dec '09 | Nov | Oct | Sep ' | Aug ' | |
| Listed | 732 | 697 | 691 | 598 | 756 | 659 | 701 | 691 |
| Pending | 677 | 623 | 556 | 507 | 667 | 593 | 725 | 564 |
| Sold | 512 | 362 | 369 | 517 | 565 | 549 | 564 | 612 |
Dailys* Statistics
track the
current Real
Estate Market in
the
Antelope Valley, Palmdale
& Lancaster.
| New Listings | 38 |
| Back on Market | 13 |
| Price Increases | 4 |
| Price Reductions | 20 |
| Pendings | 35 |
| Solds | 27 |
| Expireds | 3 |
| Inactives | 12 |
| Month to Date and Projected open Escrows* | |||
| Total Active | 1,249 | ||
| Total Active Core Area | 866 | ||
| Total Active REO's | 221 | 5 | Added |
| Total Short Sale | 306 | 5 | Added |
| Pending MTD/Projected | 468 | 638 | |
| Sold MTD | 319 | 435 | |
| Sold Last Month / % of Difference | 512 | -15.04% | |
| Last Year Month / % of Difference | 701 | -37.95% | |
| Active Listing Mix (Core) | |||
| REO % of TTL | 25.52% | ||
| Short Sale % of TTL | 35.33% | ||
| REO+SS % of TTL | 60.85% | ||
| Normal % of TTL | 39.15% |
Absorption Rate*
Current Month 1.7 Months
At Last Months Rate 2.4 Months
Historical High Active Listing - 5300+ Mid 2007 - Within the last 3 years our Low Active Listing were under 700
Richard & Janet O'Brian Real Estate Agents in California work with buyers of all types, from first time, to investors, please let us work for you! Call us today. If you are looking for an aggressive Team to find and fight for the best deal call us or visit out website http://www.homesbyjr.com/. Or Keller Williams Realty AV
Janet O'Brian is a Certified Short Sales Specialist by the National Association of Realtors® (SFR) and is ready to help you with your situation please visit her web-site.
(Quick Mapping Links for Core Areas)
Palmdale
Lancaster
Ana
Verde
Ritter
Ranch
Quartz
Hill
Leona
Valley
Lake
Hughes
Lake
Elizabeth
*The Core Nunbers do not include outlying segments of the Antelope Valley or out-of-area properties. Lancaster, Palmdale, Quartz Hills, Leona Valley, Antelope Acres, Lake Elizabeth, Lake Hughes, Littlerock, Lake Los Angeles, Green Valley and Juniper Hills are included in the core grouping. All figures are Single Family Residential only.
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