The Home Affordable Foreclosure Alternative (HAFA) program does allow a relocation fee of up to $3,000 paid to the homeowner if they claim their home as a homestead exemption. The HAFA program does not apply to investment properties. The deadline for the HAFA program is DECEMBER 31, 2012. If you are considering a short sale and you would like to be paid $3,000 through the HAFA program to relocate, please call us immediately as it takes time to do the short sale. There are other requirements such as having a utility bill in your name and having occupied the home within the past 12 months. The HAFA terms are subject to change based on your loan.
The HAFA program does put a stipulation on participating lenders (not all lender participate in this program), that they will accept the short pay with a full satisfaction of the loan and not go after you for the difference known as a deficiency judgment.
There is a stipulation put on the buyer of the property that they will not resell the property for 90 days. If an investor was going to buy your house to fix it up and resell it, they would have to own the house for 90 days before reselling it. Sometimes, there is not enough profit to the investor to do that, so it is very important when using this program that the buyer is fully aware of the lender’s stipulations. As your Realtor, we pre-qualify all buyers to let them know the lender’s requirements including the HAFA program. This prevents the so-often-heard scenario of sellers getting their short sale approval letter and then the buyer doesn’t qualify to buy the property and the entire file gets shut down and you have to start all over again.
At what point during the short sale process, should I move out of the house?
This will vary per situation. I have homeowners stay all the way to the week before the closing and I have other homeowners move out right away. Do you have family or friends you can live with or are you going to rent somewhere? Most people never even think about the fact that they may not qualify to live somewhere else due to their credit. If you are not going to do a loan modification, you need to find a place to live now while your credit is decent. We suggest that you submit rental applications as quickly as possible. Many people are actually renting bigger and better homes, sometimes even in the same neighborhood.
Many homeowners will stay in the house to the last minute thinking that they are saving money. This could actually cost them money for various reasons and by that time, they may not qualify to rent a new house. If the house goes to foreclosure for $150,000 plus attorney fees etc. and the house could have sold for $90,000, it cost the homeowner $60,000 to live there. Remember everyone’s circumstance is different and you need to make sure to protect you and your family.
What’s the next step for me?
Take Action Now by calling us at 407-888-3433 or call the Sell Fast Realty Agent who provided you with this Special Report. You can also go online at www.SellFastRealty.com or www.FreeFactsAboutForeclosure.com and fill out the contact information. Please be sure to fill out the form completely for a quicker response. We will contact you personally within 24 hours to tell you how our expert short sale team can relieve your stress….. Our #1 Focus is YOU! I am honored that I can educate you with the true facts about foreclosure and we can see if the HAFA program is for you. I am sure you have some more questions after reading this Special Report and we look forward to discussing them with you on a personal and confidential call with you.Kimberlee Frank Real Estate Broker & Short Sale Negotiating Expert 407-888-3433 www.shortsalenegotiating.com
Kimberlee Frank Broker Short Sale Expert
Kimberlee Frank is known as “The Real Estate Junkie,” for her unique ability to find ways to creatively help buyers and sellers no matter which direction the real estate market is heading. Kimberlee had already worked as a legal administrator for an Attorney, Builder and Broker for 18 years when she began her Real Estate career in 1998. She dotted the i’s and crossed the t’s on hundreds of real estate transactions and thousands of documents, making her an expert in real estate documentation. Kimberlee’s success began in Fenton, Michigan. She specialized in selling, purchasing, renovating, retailing and lease optioning single-family homes. She has helped many sellers get rid of their “headaches” and helped many buyers find their dream homes!
Since 2003, she has specialized in foreclosures and short sales. After realizing how many families were being forced out of their homes due to financial difficulties, Kimberlee had a heartfelt obligation to use her experience to help those families. She has mitigated and closed over 500 short sales with the mortgage companies, saving Sellers from going into foreclosure. In 2006, Kimberlee and her family moved to Florida. She lives in Oviedo and her Sell Fast Realty Office is in Winter Springs, serving residential and commercial sellers and buyers in multiple counties in Central and Southern Florida.
Kimberlee is also a Trainer and Mentor and has created several different “How To” systems on real estate. Her unique strategies continue to educate real estate professionals across the country. If you have a proven system to help others out of hardship, why wouldn’t you duplicate it and share it with as many people as you can? Kimberlee continues to work with this philosophy!
Kimberlee Frank has been featured on ABC, NBC, FOX, CBS as well as Wall Street Journal, Newsweek, USA Today and numerous other publications. She is the bestselling author of “Big Ideas for Your Business” (Advantage Media 2009). She was also selected as the #1 Short Sale Expert by America’s Premiers Experts.
Please contact Kimberlee at her office at 407-888-3433 to schedule a Free Facts About Foreclosure Seminar. She has numerous testimonials from sellers, buyers and other real estate professionals who are familiar with her giving heart. Whether it is 1 person in need or 1,000…..Kimberlee will educate them on real estate and give them a solution with a peace of mind!
Are you unsure what to do with your house? Do you need to educate yourself about your options. Click the following link Free Facts About Foreclosure for more information.
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