Bank of America announced in May a special limited time offer through the end of 2012 that pays homeowners up to $30,000 for HAFA Program short sales in Phoenix, Arizona, and nationwide. Factors in the calculation of how much the homeowner will receive include the price of the home, loan amount and loan to value. My experience with HAFA Program short sales at B of A is that they are much faster and smoother than non-HAFA short sales. I've cursed many times on my B of A FHA short sales lol, painful to say the least. VA and FHA loans aren't eligible for the HAFA Program. Check out my Bank of America HAFA Program video just after the May announcement.
Generally, HAFA Program short sales pay $3,000 on most of the homes in the $200,000 and under price range, though I believe B of A's minimum is currently $5,000. I've created another video explaining HAFA Program Benefits and Qualifications. If you prefer text instead of video go to my HAFA Program Short Sale Arizona page. Often my sellers get another 120 days in their home even if they're already in foreclosure, saving them another 3 or 4 months rent or mortgage payments and it gives them time to save up for their move.
With the Mortgage Forgiveness Debt Relief Act expiring at the end of 2012, upside down and struggling homeowners really should give a HAFA Program short sale a good look, especially if they're with Bank of America. This is a fantastic program. Click here for more information on Arizona short sales.
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