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Does My Bank Work With HAFA On Short Sales?

In 2009, the federal government started the Home Affordable Foreclosure Alternatives program, better known as HAFA. HAFA is an offshoot of the Home Affordable Modification Program (HAMP), and both of these are designed to help stabilize the marketplace, smooth out processes, and make things better for both lenders and owners. With HAFA, the government is hoping to that incentives will give banks more reason to use a more standardized short-sale process. Theoretically, this creates fewer question marks about qualifications and timeline, thus making it easier for everyone involved.

Is your bank participating in HAFA? This website provides a list of banks participating in the program.
http://www.makinghomeaffordable.com/contact_servicer.html

Now, even if you see your bank on the list, it's best to call and A) confirm their participation and B) find out what their guidelines are for a short sale. Also, some banks may have processes outside of HAFA -- they may not publicize these at first, but if you fail to qualify for HAFA, they may bring it up.

The best thing for you to do is to educate yourself on HAFA guidelines. Talking with a short sale realtor is a good first step, as they'll be able to answer many of your questions on this subject. Remember, with short sales, the lender is in charge, so educate yourself as much as possible before approaching them.


Thanks for reading my post, Israel Gonzalez

Israel is a Real Estate Broker at Beale Properties
Phone 831-636-8858  Email Israel@ighomes.com

Israel Gonzalez specializes in loan modification help and never pay the bank another penny. Homes for sale in Hollister CA, Hollister Short Sales, Hollister Foreclosures, and Hollister Distressed Properties.

www.bestreohomes.com www.nicereohomes.com

The views published here are the opinions of the writer and are not a substitute for legal counsel.

 

Comments

William Blacklow said:

People need to follow sales process if they want to buy or sell any property. They are getting some instructions from https://www.aussiewritingreviews.com to sell home with legal documents. People who want to get loan from banks also need to fulfil all requirements.

# March 24, 2018 10:02 AM
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