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Home Affordable Foreclosure Alternatives (HAFA) Call For Short sale Assistance

By
Real Estate Broker/Owner with SharkeyRE LLC CQ1040719

Things to know about HAFA:

This program expires December 31, 2012 and does not apply to VA or FHA loans.  It is meant to streamline the short sale process by requiring mortgage services to follow  standard processes, use uniform documents and adhere to stated deadlines. 

Many borrowers who could not complete the HAMP (Home Affordable Modification Program) will qualify for HAFA.  HAFA is available after borrower experiences one of the following:

•-          Fails to qualify for a HAMP trial period plan.

•-          Does not complete the HAMP program

•-          Is delinquent on a HAMP modification

•-          Requests a short sale or deed-in-lieu from the lender.

 The deadlines called for in the HAFA program are as follows:

 •-          Within 3 days of  a signed sales contract, borrower must submit to lender a Request for Approval of Short Sale (RASS).

•-          Within 10 days of lender's receipt of RASS, lender/servicer must approve or deny the same and advise borrower of reason for denial.

•-          Closing may occur not sooner than 45 days from signed sales contract date (unless borrower agrees otherwise).

 

Eligibility:

•-          Principal residence.

•-          First lien has to originate prior to 2009

•-          Default is reasonable foreseen

•-          Unpaid principal balance cannot exceed $729,750.

•-          Monthly lien payment exceeds 31% of borrower's gross income.

 

Caveats:

•-          Must be arms-length transaction (no relatives or close friends as buyer)

•-          Amount of debt may be treated as income for taxable purposes. (Forgiven debt will not usually be taxes if amount of sale doesn't exceed the acquisition debt.)

•-          Transaction will be reported to credit bureaus as "settled for less than full payment" which may affect credit scores.

•-          Buyer cannot sell property for 90 days.

 For more information contact: 

 
Brian Sharkey, Broker of Saint Lucie West Realty LLC is the Short Sale Specialist other agents go to for their short sale transactions.  Sharkey is known for his negotiating skills which are essential when dealing with lenders on a regular basis.  He is always exploring different ways to provide his clients with the best possible solution for their financial situation.
 
When the market changed and short sales were considered "deals to be avoided" due to their difficulty, he saw them as an opportunity for growth and a way to assist homeowners in need.  He also helps fellow realtors to understand the process and they in turn come to him for advice and guidance.
 
Sharkey's strong problem solving skills have provided him a base from which he has built a successful business.  He is continuously networking with other real estate professionals such as mortgage brokers, title companies, and other Realtors to provide his clients with the best possible vendor to service their needs.  He is highly self-motivated with a passion to deliver superior service.  And due to his enthusiastic personality and high energy, it's no wonder the majority of Sharkey's business comes from referrals.
 
Sharkey has an extensive amount of Short Sale experience and is a certified Short Sale professional.  He specializes in Short Sales in St. Lucie County, Martin County and Palm Beach County in the state of Florida.
 
If you would like to know if you qualify for a short sale or just want more information about the process, you can reach Sharkey at 772-204-9965 or email short@sharkeyre.com

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