CareTeam@crecal.com
Posted Fri Jan 28 12:00AMEvergreen San Jose, CA Real Estate - HAFA SHORT-SALE FAQ
I hope everyone had a great holiday season! As always, I am back to share some useful information with you. As a Certified HAFA Short-sale Specialist, I have come across several questions over and over and I feel they need to be addressed.
What is a HAFA Short-sale?
In short, the HAFA Short-sale is a program put together by the Gov. to standardize the way Short sales are done. Historically, Short sales have not had a structure and really only benefit the banks i.e. saving cost. The traditional Short sale is still there for sellers who do not qualify for the preliminary HAFA Short-sale qualification and still want to salvage their credit.
Why would I be interested in doing a HAFA Short-sale?
A Short sale is meant for seller who cannot afford their homes and wish to salvage their credit. With Traditional Short-sale, there were no guidelines as to who can afford their home and who cannot. With HAFA, the preliminary HAFA Short-sale qualification outlines that part of the equation. The Gov. has standardized that if your Mortgage payment is more than 31% of your gross income, then you cannot afford your home. With that in mind, the Preliminary HAFA Short-sale qualification does just that, and does not approve your Short sale. With that said, once it is established a seller cannot afford their home, and then the HAFA program allows for the follow benefits:
- Up to $3000 towards seller relocation cost – seller gets a check at COE
- Up to $3000 towards the payoff of a 2nd lien.
- Guarantees that the lien holders will not come after the seller for the unpaid debt- seller is no longer liable.
- Seller can list their home with a pre-approved Short sale.
- Seller will have enough time to move out.
- Lets the sellers sell their home in an honorable way.
There are other benefits as well.
What do you need to Qualify?
First of all, the seller must try to do a modification through HAMP (same preliminary qualifications). If the modification does not work out, or the seller decides to not take it, then the HAFA will proceed with the same documentation.
Qualification for HAFA approval is actually two fold. First, the seller must qualify for the "Preliminary" HAFA Short-sale Qualifications. If the seller preliminarily qualifies, then the seller must identify if Fannie Mae, Freddie Mac, or an investor owns the loan. If owned by Fannie Mae or Freddie Mac, then the guidelines for full approval have already been disbursed and it is easier and more secure to get approved. If the Loan is owned by an investor (not Fannie Mae or Freddie Mac) then the seller will need to submit the their documentation and hope the investor approves it. Investors usually have their own qualifications and typically will not share that information with the seller. Also keep in mind that the bank that owns your loan must be registered with Makinghomesaffordable.gov. There are over 100 banks that have registered and the odds are that your bank is registered as well. On the website, there is a list of banks registered and a link, which lets you check if Fannie Mae or Freddie Mac owns your loan.
The above answers have been shortened and do not fully explain the HAFA Short Sale Program. To get more accurate and current information based on your situation, please feel free to contact me. I hope this information has been useful.
Thank you,
Joshua Chavez
Realtor
Coldwell Banker Platinum Group
C.A.R.E Team Realty
Direct: 408.836.9720
Fax: 408.409.2053
www.chavezrealestate.com
DRE #: 01827938 & 70010089
HAMP & HAFA Certified, A-REO AGENT
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