Esperanza Butler Earns HAFA Certification

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Real Estate Agent with Century 21 Peak CalBRE-01797405

Esperanza Butler Earns HAFA Certification

 What Is HAFA?

Home Affordable Foreclosure Alternatives (HAFA)

HAFA

 

HAFA is a government program that provides financial incentives to Borrowers, servicers and investors who utilize a foreclosure alternative (short sale or deed-in-lieu) instead of a foreclosure sale to transfer ownership.

  Benefits

Ultimately, foreclosure alternatives such as those mentioned above reduce the need for expensive foreclosure proceedings for the investor and the potential harmful effects a foreclosure would have on the Borrower.

 

 

The pre-foreclosure options typically help maintain the condition of the property and therefore, the preservation / value of the property by minimizing the time a property could potentially be vacant and subject to vandalism and deterioration through lack of maintenance.

Finally, pre-foreclosure options generally provide a substantially better outcome for investors and communities through lower loss severities for investors and fewer vacant properties for communities.

Borrower Benefits

The Borrower who has already explored all other options at retaining their home and failed, now have a chance at a pre-foreclosure transition with financial support. Although the actual credit rating impact varies by Borrower based on other extenuating circumstances, pursuing a HAFA short sale or deed-in-lieu could result in a less negative credit impact.

An important component of the HAFA program is that future liability for the first and second liens must be released allowing a fresh start - in other words, no deficiency.

However, there is notice to the Borrower that the short sale may have an income tax and credit rating impact and a recommendation is given that the Borrower seeks professional help regarding these matters;

 

Posted by

 

         Esperanza Butler   Realtor®

 

         

 

Serving the West Hills Community , Woodland Hills, Winnetka, Canoga Park, Northridge, Chatsworth, Granada Hills and just about anywhere in the San Fernando Valley

 

I want to be the person you come to for help in buying or selling your home.

 

 

...         Facebook Canoga Park

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Rainer
100,402
Heidi Hovatter - Sonora & Twain Harte
Century 21 Wildwood - Selling Homes and Cabins in Tuolumne County - Sonora, CA
Heidi The Home Hunter

Congratulations on your cerification.  I know this will help your business grow in 2011!

Dec 05, 2010 03:18 PM #1
Rainer
100,402
Heidi Hovatter - Sonora & Twain Harte
Century 21 Wildwood - Selling Homes and Cabins in Tuolumne County - Sonora, CA
Heidi The Home Hunter

Congratulations on your cerification.  I know this will help your business grow in 2011!

Dec 05, 2010 03:18 PM #2
Rainmaker
336,176
Esperanza Butler® 818 926 5425
Century 21 Peak - West Hills, CA
Homes For Sale in West Hills, Ca (818) 926-5425

Hi Heidi

Thanks for stopping by and for your good thoughts

As we all know that education is the key to staying on top of this volatile real estate market. The more  prepared we are the more our clients and us will benefit. We all know that short sales are not a piece of cake, they are challenging but not impossible when we have the right tools and knoledge to handle them.

Have a great week!

Dec 05, 2010 03:58 PM #3
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Rainmaker
336,176

Esperanza Butler® 818 926 5425

Homes For Sale in West Hills, Ca (818) 926-5425
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