HAFA Short Sales Updates~More Homeowners Should Qualify after June 1, 2012

By
Real Estate Agent with HomeSmart Encore - Las Vegas

Home Affordable Foreclosure Alternatives (HAFA) Program NOW Extended to December 31, 2013

(This is for those that do NOT wish to maintain ownership anymore and want to short sale their home)

If you can't afford your mortgage payment and it's time for you to transition to more affordable housing, the Home Affordable Foreclosure Alternatives (HAFA) program is designed for you. HAFA provides this option for transitioning out of your mortgage: a Las Vegas short sale instead of foreclosure. In a short sale, the mortgage company lets you sell your house for an amount that falls "short" of the amount you still owe.

HAFA offers benefits that make the transition as favorable as possible:

A HAFA short sale completely releases you from your mortgage debt after selling the property. This means you will no longer be responsible for the amount that falls "short" of the amount you still owe. The deficiency is guaranteed to be waived by the servicer.

  • In a HAFA short sale, your mortgage company works with you to determine an acceptable sale price.
  • HAFA has a less negative effect on your credit score than foreclosure or conventional short sales.
  • When you close, HAFA provides $3,000 in relocation assistance.

+ Eligibility

 

You may be eligible for HAFA if you meet all of the following criteria:

  • You live in the home or have lived there within the last 12 months. (After June 1, 2012, non-owner properties are eligible)
  • You have a documented financial hardship.
  • You have not purchased a new house within the last 12 months.
  • Your first mortgage is less than $729,750.
  • You obtained your mortgage on or before January 1, 2009.
  • You must not have been convicted within the last 10 years of felony larceny, theft, fraud, forgery, money laundering or tax evasion in connection with a mortgage or real estate transaction.
  • Another condition of HAFA is all parties must sign an arm's length affidavit. In other words, the seller cannot sell to a person the seller knows or to whom the seller is related. The buyer must also agree not to sell the property for a minimum of 90 days.

 

+ Steps to Apply for HAFA

The sooner you seek help, the more options you'll have. If this is the first time you've worked with your mortgage company, they will want to ensure that you have been considered for other options to keep your home before they move forward with HAFA. When it's time for HAFA, be prepared to provide the following:

  • Make sure to tell them you want to do a SHORT SALE, that you can no longer keep your home


  • If you don't think you qualify for HAFA, talk to your lender as many have their own short sale programs in place to allow you to short sale your home.

 

  • We have completed many more short sales that have Not been HAFA and have helped the homeowners avoid foreclosure under favorable terms, most lenders are typically on board to release you from your mortgage debt after selling the property.


+ For More Information   Call Us to list your home for sale  (702) 812-4550

 

If you have additional questions about getting mortgage help, you can contact a housing experts at 888-995-HOPE (4673). These HUD-approved housing counselors will help you understand your options, design a plan to suit your individual situation, and prepare your application.  There is no cost to you for this valuable, around-the-clock service.

Posted by

Dawn Barrier at HOMESMART ENCORE Las Vegas, Nevada   

 

(702) 812-4550 

 

Las Vegas, Nevada   

January 2020

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Any Stats are on Resale Single Family homes only per the GLVAR MLS as of this writing or as noted,covers the Las Vegas Valley, North Las Vegas, Henderson area or as noted.

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HOMESMART ENCORE Las Vegas Dawn Barrier

(702) 812-4550

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Comments (3)

Jenny Durling
L.A. Property Solutions - Los Angeles, CA
For Los Angeles real estate help 213-215-4758

It sure would be nice if more peole could be helped with the government programs. It seems they are so difficult to qualify that few are able to take advantage of them.

May 19, 2012 02:02 PM
Dawn Barrier in Las Vegas at HOMESMART ENCORE
HomeSmart Encore - Las Vegas - Las Vegas, NV
Homes in Las Vegas Nevada 702-812-4550

Thanks Jeny for your comment.

Yes, it has been the case that many more don't get into the gov't programs, but as I said, we still have been able to get the short sales done with the favorable terms for the seller even without the gov't programs.

Bank of America has rolled out some new programs as well and even when doing a traditional short sale we can acheive a successful short sale on most deals.  See my blog today on it.

http://www.LasVegasShortSale1.com 

May 20, 2012 04:41 AM
Dawn Barrier in Las Vegas at HOMESMART ENCORE
HomeSmart Encore - Las Vegas - Las Vegas, NV
Homes in Las Vegas Nevada 702-812-4550

Here is the link to the article I mentioned above:

Las Vegas Short Sales~Bank of America Las Vegas Short Sales Relocation Assistance

 

May 20, 2012 04:48 AM