Home Affordable Foreclosure Alternatives Program (HAFA)

In 2009, the Treasury Department introduced the HAFA program to provide a viable option for homeowners who are unable to keep their homes through the existing Home Affordable Modification Program (HAMP). The HAFA program takes effect on April 5, 2010.

Highlights of the new program are as follows:

•• Provides a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.
•• Uses borrower financial and hardship information already collected in connection with consideration of a loan modification.
•• Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).
•• Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).
•• Uses standard processes, documents, and timeframes/deadlines.
•• Provides the following financial incentives:
•• Up to $3,000 for borrower relocation assistance;
•• $1,500 for servicers to cover administrative and processing costs;
•• Up to $2,000 for investors who allow a total of up to $6,000 in short sale proceeds to be distributed to subordinate lien holders, on a one-for-three matching basis.
It's important to deal with a Realtor that has experience with short sales and the HAFA Program. Always ask how many they have done, who does the negotiations and about the Realtors background. I am certified by the National Association of Realtors as a specialist and my banking background has been an invaluable tool when dealing with lenders.
So, in short, YES you can get paid when you do a short sale. I offer FREE phone consultations and there is never an obligation. I look forward to helping you.