HAFA Program

The HAFA short sale program, effective from April 5, 2010, through December 31, 2014, promises short sale approval within 10 days and gives the seller up to $3,000 in cash at closing. But because HAFA is a government-sponsored program, it’s a lot more complicated than that. Often homeowners feel confused because a step was missed, which can cancel the entire process. Here is some information to see how you can receive $3000 to relocate if you can no longer afford to stay in your home:

First, it is important to discuss the HAMP (Home Affordable Modification Program). The goal of this program was to reduce the mortgage payments of homeowners down to 31% of their monthly wages, however not every person qualified for the program. This resulted in people simply not being able to afford their home, resulting in foreclosure.

To try and help the people that did not fit in the HAMP program, the government created the Home Affordable Foreclosures Alternative (HAFA) program. Through HAFA, a homeowner can sell their house through a short sale, which is a system where an agent works with the client’s lender to sell the property for less than is owed.

Below is the current steps required by HAFA that must be done in order:

• The homeowner must have applied for HAMP, and either a) been denied or b) was approved, and failed to make the required trial payments
• The homeowner/and or agent talks with the lender about applying for the HAFA program
• If qualified the lender will issue an agreement in which the homeowner must return the agreement with in 14 days.
• Lender will send the homeowner a Short Sale Agreement.
• The Short Sale home must be filled out and sent to the lender to begin the HAFA program.
• The agent will list the property and work toward receiving an offer.
• After an offer is accepted, the homeowner fills out a request of approval of short sale form.
• The lender will give a response with in 10 days.
• If the lender approves the offer, the buyer has 45 days to close and purchase the home.
• At the time of closing, the seller receives $3000 to relocate to a new home.

The important part of the HAFA program is to get the preliminary steps complete and get the material back to the lender in the required amount of time. Not all people are qualified for the program, but I can help you with the necessary steps to be in the HAFA program.
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