I closed another successful HAFA short sale today. The HAFA short sale is a wonderful program that offers the seller an incentive of up to $3,000 towards relocation assistance. A successful HAFA short sale also releases the borrower from future liability for the first mortgage. To qualify for a HAFA short sale, the property must be the homeowner's primary residence and the homeowner must have applied for a HAMP modification. There are some more qualifications the homeowner must meet prior to being approved for a HAFA short sale. It truly is a wonderful program. The seller gets some relocation assistance and is released of any future liability of the property, the buyer gets a good deal on the property and the realtor is able to help someone get out of a tough situation.
This particular short sale was through Wells Fargo. The asset manager with Wells Fargo made the whole process very easy. The borrower had applied for a modification about 2 years ago. I collected all of the homeowner's documents and submitted all of the information with a contract to the lender. The lender replied back stating the homeowner may qualify for the HAFA short sale. We submitted all of the HAFA documents that were require. Less than 10 days later, we had a HAFA short sale approval from the lender. Truly a wonderful experience.
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