&_&_&_ HAFA update from Bank of America _&_&_&

By
Real Estate Sales Representative with Team Olsewski



Home Affordable Foreclosure Alternatives (HAFA) Short Sale Update

HAFA Supplemental Directive 12-02, effective June 1, 2012, impacts short sales with loans from non-government-sponsored enterprises in which the homeowner is eligible for the HAFA program.
Key enhancements include:
  • Time frame extended: The program has been extended to Dec. 31, 2013. The HAFA short sale or deed in lieu of foreclosure can be initiated up to Dec. 31, 2013; however, the transaction must have a closing date on or before Sept. 30, 2014.
  • Eligibility updated: Occupancy requirements for HAFA eligibility have been removed; however, the property can't be owned or secured by a business entity.
  • The second lien maximum has been increased from $6,000 to$8,500. 
  • HAFA relocation assistance of $3,000 will be paid only to theprimary resident (borrower or occupant) of the property at time the agreement is executed. The resident must vacate upon closing. Vacant properties are not eligible for HAFA relocation assistance.
    • Nonborrowers (tenant, legal dependent, parent or grandparent) can now qualify if occupying the property and must vacate upon closing.
Additional information: 
  •  This policy is effective June 1, 2012, for new HAFA-eligible short sales initiated. It also applies to current HAFA short sales prior to closing.
  • Tenants will be eligible only for the $3,000. Any money available from additional incentive payout opportunities must be paid to the borrower. The HUD-1 must reflect the breakdown.
  • The borrower will be responsible for requesting and managing the tenant relocation assistance, including submitting required proof of occupancy and other documentation.



    Specializing in traditional (equity) Southwest Riverside County real estate,  Southwest Riverside County Short Sales (pre-foreclosures), and foreclosures in Southern California, we can sell your home regardless of your financial needs. It's wonderful if you have equity in your home, but if not - we can still help.
    We don't just try to sell your home - we MARKET your home to sell. Inventory is massive and buyers are scarce. It takes FULL TIME marketing and lead generation to keep your property up front on the internet at ALL TIMES. The MLS just does not cut it anymore. You need EXPOSURE. Nobody dominates the search engines like we do, so that means YOU DO!
    Did you know that 75% of todays MLS listings entered are pre-foreclosures or foreclosures? If you need to sell, but owe more than your home is worth, you are not alone! We can help sell your home and negotiate with the bank to accept less than you owe.

    Equity, or negative equity, we can help. So, if you or someone you know has thought about selling, please contact us right away to see what your Southwest Riverside County Real Estate Value is!
    Call 951-506-5744 or Simply enter your information on this page and we will provide you with a speedy response. The more information given, the more accurate the evaluation. All information you provide is secure and will be kept strictly confidential. There is no obligation. Please indicate when you are thinking of selling and if what YOU think your home is worth. We have a specialized team on call as well to respond to your foreclosure and short sale questions. 

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