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Simi Valley Home Owners – HAFA Short Sale Requirements Set To Improve

What are HAFA Short Sale Requirements and how will it help Simi Valley Home Owners?    HAFA (Home Affordable Foreclosure Alternative)  is a government sponsored program working with HAMP (Home Affordable Modification Program) qualified Borrowers/Homeowners to sell their homes when loan modification options fail.

HAFA Short Sale RequirementsIf you have been working on a loan modification for your Simi Valley home and keep hitting dead ends and rejections, or your modification terms are not enough to improve your situation, then selling your house before it goes to foreclosure may be your next step.

Once you have been through HAMP and you have decided your next step is to sell your home; exploring if you qualify for a HAFA Short Sale is the beginning of the Short Sale process.

Recently some of the HAFA Short Sale requirements have been broadened, here are of the few more notable:

  • Occupancy –  homeowners are no longer required to lived in the property within the last 12 months.
  • Relocation Incentives –  $3,000 and assistance are limited to owner-occupied or tenant occupied property at the time of the short sale.
  • Junior Lien Holders –  A maximum of $6,000 has been increased to $8500 that a junior lien holder may collect in the HAFA Short Sale Agreement.
  • Borrowers/Homeowners may stay current on their monthly payments Even if the payments exceed 31% of their gross monthly income.
  • Also some favorable changes in how these accounts will be reported to the Credit Bureaus.

These improvements to the HAFA Short Sale requirements were announced by the Obama administration last week and are expected to go into effect in the beginning of June this year. Additionally the program has been extended through the end a 2013.

My Short Sale Team  processed and closed some of the first Short Sales in Simi Valley and Moorpark when the program was first rolled out. If you’ve been through the HAMP  loan modification process and are still standing wondering what to do next, call me (805)432-7705 for a free consultation about the HAFA Short Sale program for your Simi Valley home.

Related Stories:

  • What is a Short Sale and Can I Short Sell My Home?
  • SB 401- What is my Short Sale Tax Liability
  • Cash Buyers – Beware of Short Sale Flipping

See Simi Valley Indian Hills Tract Homes For Sale

 

Posted in: Sellers, short sales Tagged: Borrowers HAFA, HARP, Home Affordable Forclosure Alternative, Home Affordable Modification Program, homeowners, Simi Valley

About Ted Mackel

Active real estate broker and entrepreneur in Simi Valley. Ted has a passion for business, has deep knowledge about residential and commercial real estate and is one of the few to be a long time blogger/writer on these subjects. In his free time you'll find Ted enjoying baseball with his family (Go Dodgers), reaching his goal of spanish fluency, and pursuing his hobbies with RC aircraft and Lionel Trains.

Comments

  1. Bess Camerras says

    April 1, 2012 at 3:34 pm

    I can not thank you adequately for the posts on your web site. I know you’d put a lot of time and effort into them and hope you know how much I appreciate it. I hope I’ll do exactly the same for someone else at some point.

    Reply

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Client Testimonials

Ted actually helped us find a new home AND sell two homes. He was beyond helpful with everything. When looking for a home, Ted didn't waste our time…My husband and I are really busy so this meant a lot to us….he always had plenty of houses lined up for us to look at and he acted as our personal chauffeur. He really knows Simi, so he knew exactly where to take us….and ultimately he found us our beautiful new home. Selling the other two was a breeze…Ted took care of everything. No complaints here!

suelac2

Ted was wonderful in helping us sell our house. He was in constant communication with us and made the process very easy and stress-free. He was very knowledgeable and professional. I highly recommend him.

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Ted's continuing knowledge of local real estate markets enabled an immediate, correct valuation of the house we sold. Calm and competent throughout the process, he remained unflappable through the invevitable hurdles. His escrow team at Keller Williams were perfect.

jeff

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