Thursday, January 13, 2011

HAFA Foreclosure Alternative and Short Sale Program Outline

HAFA logo 

HAFA is a government-subsidized Home Affordable Foreclosure Alternatives program for distressed homeowners to sell their homes to avoid foreclosure, even if the sales price is not enough to pay off their existing mortgage loans.  

Under HAFA, a participating lender will pre-approve the terms of a short sale and give the borrower at least 4 months to market and sell the property using a licensed real estate professional.

The HAFA Government short sale program procedure is outlined by the California Association of REALTORs, and the general standardized procedures for HAFA short sales are as follows: 

  • Step 1:  Lender evaluates borrower for a loan modification under HAMP. 
  • Step 2:  Lender evaluates borrower unable to complete HAMP modification for short sale.
  • Step 3:  Lender issues Short Sale Agreement (HAFA SSA).
  • Step 4:  Borrower lists the property for sale using a licensed real estate agent.
  • Step 5:  Borrower and agent market and sell the property.
  • Step 6:  Borrower submits to lender a Request for Approval of Short Sale (RASS).
  • Step 7:  Lender approves HAFA request for short sale approval (RASS) within 10 business days.
  • Step 8:  Sale closes escrow.

See Estimated HAFA Timeline

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Source: California Association of REALTORs.  We work with homeowners in Orange County, CA, on short sales and help them on qualifying for the HAFA program.  This is for information only and not the providing of tax or legal services. You should consult with a lawyer or income tax professional about the income tax implications of your selling your home under this short sale program.

For short sales and seller and buyer opportunity information for homes and real estate at Orange County, California, Newport BeachIrvineLaguna BeachCorona del MarNewport CoastHuntington Beach, or at Costa Mesa, contact us.  

Harrison K. Long - solutions for real estate and business - REALTOR® and broker associate, Coldwell Banker Residential Brokerage - 949-854-7747 (phone) - ExploreProperties@gmail.com (email) - CA DRE 01410855 - SFR short sale and foreclosure resource certified by the National Association of REALTORs®.

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Please contact us about short sales, HAFA program, listing and selling of homes and properties at Orange County, California.   

Posted via email from Explore OC Homes

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