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
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