What is HAFA-Home Affordable Foreclosure Alternatives program

What is HAFA-Home Affordable Foreclosure Alternatives program-The huge number of foreclosures in the US is simply too big to ignore. That is why a government-backed program has been released that aims at streamlining Home Foreclosure Alternatives.

Short sales are honorable solutions to foreclosure, and now the government is making them easier, quicker and more accessible through the Home Affordable Foreclosure Alternatives Program, or HAFA.

With one in seven homeowners struggling to make loan payments, distressed homeowners are not alone, and there are Home Foreclosure Alternatives available.

Here are some Bullet Points on the HAFA program.

HAFA Eligibility

At present, the home owner is eligible if all the following conditions are met:

• • Property is borrower’s principal residence
• • Loan is a 1st lien mortgage
• • Originated before Jan 1, 2009
• • Mortgage is delinquent or default is reasonably foreseeable
• • Current unpaid balance is equal to or less than $729,750
• • Borrower’s total monthly mortgage payment exceeds 31 percent of borrower’s gross income
• *information taken directly from HAFA

Incentives for the Distressed Home Owner

• $3,000 to Borrowers for Relocation Assistance

Is your lender participating? Lenders and loan servicers participating in HAFA must sign a participation agreement with Fannie Mae to participate in HAMP by October 3, 2010.

The list of lenders that are participating is constantly growing, please contact us for the most recently update list (there is no fee or charge).

California Short Sale Specialist Luis Montejano and Stephen Munson explain in this clip the more highlights of the HAFA program. Luis Montejano has earned the prestigious Certified Distressed Property Expert and has helped countless Californians avoid foreclosure

 

Still have questions? Ask The LA Realtor Blog or Tweet Your Question on Twitter @Asktherealtors for no nonsense and no "mumbo Jumbo" answers.

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Is there any short sale relocation assistance available?

Is there any short sale relocation assistance available?

Answer: With the Home Affordable Foreclosure Alternatives program (HAFA) once the seller has close a successful short sale they entitled to short sale incentive payment of $3,000 for short sale relcoation assistance.

Remember though, you must qualify for the HAFA program and your Lender must be participating with the HAFA program as well.

The list of lenders that are participating is constantly growing, please contact us for the most recently update list (there is no fee or charge).

Still have questions? Ask The LA Realtor Blog or Tweet Your Question on Twitter @Asktherealtors for no nonsense and no "mumbo Jumbo" answers.

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Home Ask The LA Realtor-How important is an open house on my home?

Home Ask The LA Realtor-How important is an open house on my home?

Answer: Generally speaking, unless you live in a gated community that does not have free access to the public, there is no real need for an open house. Certainly no need for more than 1 public open house (when it’s first listed) and one Brokers Open (sometimes called caravan is usually held during a morning on a weekday for “brokers only”).

Today’s “state of the art” lock boxes track every agent that comes into your home. Additionally, they can be set to specific times in which to be accessed providing you with privacy when you need it.

The good news is you will not have to take off every weekend and find something to do while your home is being held open. With excellent photos, maps and virtual tours, buyers will have enough information to decide if they want to see your home.

So who does the open house benefit? Well, mostly the neighbors who’ve always wanted to see the inside of your home and agents who are looking for buyers to take to other listings. That’s not a bad thing, it’s just the nature of the business. Ask the Realtor

Still have questions? Ask The LA Realtor Blog or Tweet Your Question on Twitter @Asktherealtors for no nonsense and no "mumbo Jumbo" answers.

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Can I Deed my property to someone else to Avoid Foreclosure?

Can I Deed my property to someone else to Avoid Foreclosure? Deeding your property to someone without paying off the mortgage loan does not forgive you of the debt, and the property is still encumbered by a lien.

Ultimately, you will have to pursue other home foreclosure alternatives or simply walk away and allow the bank to foreclose.

Always check with your attorney to verify all the options available to you

Ask the Realtor

Still have questions? Ask The LA Realtor Blog or Tweet Your Question on Twitter @Asktherealtors for no nonsense and no "mumbo Jumbo" answers.

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Why would my lender accept less than I owe on my home?

Ask The LA Realtor-Why would my lender accept less than I owe on my home? Lenders are in business to lend money, not to own real estate. They do not want the expense of the foreclosure process and/or the holding and maintaining of the property.

By agreeing to a "Short Sale" they will actually save money by not completing the foreclosure and holding the property in their portfolio.

This is why more and more homeowners looking for home foreclosure alternatives are turning to a short sale

 

Still have questions? Ask The LA Realtor Blog or Tweet Your Question on Twitter @Asktherealtors for no nonsense and no "mumbo Jumbo" answers.

Copyright © 2011 By Stephen Munson & Luis Montejano- Munson Realty| Ask the Realtors-Ask The LA Realtors|ask the Realtors,ask the la Realtors|Why would my lender accept less than I owe on my home?|Short Sale,home foreclosure alternatives*.

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Seller Ask:Is it smart to "test" the market with a higher offering price

Is it smart to "test" the market with a higher offering price at first?

Answer: It does neither you nor your agent any good to list a property overpriced. But why not test to be sure? Here's why: Because you will lose precious market time and you risk an over all lower final sales price.

You can not ignore the comps (recent comparable sales) and your Realtors advice. Testing high signals a greedy seller and buyers have way to much to choose from right now. They will wait and hit you below the belt once you finally drop your price.

Overpriced Homes-Sell Slower, For Less and often not at all. I maintain that you’ll shoot yourself in the foot by overpricing your home. Your home will almost always sale at or above market value by pricing at or below market value.

Whatever your Real Estate question is, we’ll get it answered with a very “consumer” friendly –no Real Estate “MumboJumbo”-response.

Have questions about?

• Buying a home


• Selling a home


• Avoiding foreclosure


• Home loans

Anything to do with the real estate process, ask away, there are no stupid questions and we’ll do our best to give you smart answers!

*And now for the disclaimer: All markets are different and each state has different rules and laws. We are in Southern California so the answers you get will likely be more related to our market. All of that being said: We are not giving legal advice and you should always consult with your Realtor, Lawyer or any other licensed professional that is serving YOUR best interest.

**One more thing, are not here to sell you anything. So if you don’t like that we said you need to “ditch the canary yellow and re-paint your house before you put it on the market” or “your low ball offers are insulting the seller”…tough! Get over it…this is business baby and our goal is to help you.