Home Affordable Foreclosure Alternative (HAFA) Short Sale Program

[By Jason Ian Hector, REALTOR® and Short Sale Specialist | 10/13/2015] As a REALTOR® and short sale expert, I am able to provide advice to those who are facing mortgage difficulties.  As a real estate professional, I will explain what your options are so that you can be able to make an informed decision.  With your permission, I will communicate directly with the mortgage company on your behalf. When we talk for the first time, it is my goal to provide you the information so that you can consider what options are available to keep your home before moving forward with a HAFA or traditional short sale.
 
The Home Affordable Foreclosure Alternatives (HAFA) Program provides additional options to avoid costly foreclosures and offers incentives to borrowers who utilize a short sale to avoid foreclosures. HAFA alternatives are available to all HAMP-eligible borrowers who: 1) do not qualify for a Trial Period Plan; 2) do not successfully complete a Trial Period Plan; 3) miss at least two consecutive payment during a HAMP modification; or, 4) request a short sale.
 
In a short sale, the servicer allows the borrower to list and sell the mortgaged property with the understanding that the net proceeds from the sale may be less than the total amount due on the mortgages.  The servicer may not require a cash contribution or promissory note from the borrower and must forfeit the ability to pursue a deficiency judgment against the borrower.  HAFA is a standardized process which streamlines the short sale by providing minimum performance timeframes and an escalation process with the US Treasury Department is also available if needed when the servicer is not following the HAFA guidelines.
 
Below are some of the standardized HAFA forms as well as HAFA Matrix some common lenders.
Information provided by [By Jason Ian Hector, REALTOR® and Short Sale Specialist]

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