What is a HAFA Short Sale? Will the seller really get paid to short sale? How do I qualify?

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HAFA - SHORT SALE

What is a HAFA Short Sale?  This is avoidance of foreclosure, the elimination of mortgage debt and possible $3,000 relocation assistance.  

Why Should I Short Sale my home vs. Foreclosure?   A borrower may be eligible own a home again sooner through a short sale then a foreclosure.   Borrowers may be able to buy again by re-establishing a credit history as soon as 2 years after a short sale vs. 7 years after a foreclosure. 

Is the HAFA short sale process different then a normal short sale?  Yes, with a HAFA Short Sale the process is the same with every lender.  This alls the borrow to receive pre-approved short sale terms prior to listing the property through the Request for Modification Affidavit (RMA), and it uses Standardized documents. 

How to I find out if I qualify for a HAFA Short Sale?  First you must determine who owns your loan.  Is this a Fannie Mae, Freddie Mac or non-GSE?   Below is a link to look up who has your loan:

Service Look Up:  www.Makinghomesaffodable.gov/contact_servicer.html

Fannie Mae:  www.Fanniemae.com/loanlookup

Freddie Mac:  www.Freddiemac.com/mymortgage

BASIC HAFA ELIGIBILITY CHECKLIST:

•·                    Must be or recently have been borrower's principal residence;

•·                    Property has been primary residence in the last 12 months

•·                    Loan must be delinquent or default (60days) with Feddie Mac but does not have to be delinquent for Fannie Mae.

•·                    Borrower can not have cash reserves that are equal or over three months total monthly payment and/or $5,000 which ever is greater. 

•·                    Borrower's 1^st loan  monthly mortgage payment must be greater then 31% of their gross income.

•·                    Principle residence / owner occupied and or vacated within 90days due to 100+ mile move for employment reasons.

•·                    First loan must have originated on or before January 1, 2009

•·                    Borrow must be able to show financial hardship

•·                    Borrower's current unpaid 1^st loan principal balance is equal to or less then:

•·                    729,750 for a single family

•·                    934,200 for a two unit

•·                    1,129,250 for a three unit

•·                    1,403,400 for a four unit

The also offer a Deed in Lue Program as well.  Email Kim@Realtydelia.com for more information.