Keep My San Ramon Home | HAFA Deed in Lieu of Foreclosure

By vnagy_sanca • January 10th, 2011

What is a HAFA Deed in Lieu of Foreclosure? A deed in lieu of foreclosure is specifically designed to help borrowers who are unable to afford their first mortgage and want to avoid foreclosure. With a DIL, you voluntarily transfer ownership of your home and all real property secured by your mortgage loan (Property) to us to satisfy the total amount due on the first mortgage.

How Does a DIL Work?
Title.You and all other occupants must vacate your Property and provide clear and marketable title with a general warranty deed or local equivalent by [insert future date at least 30 days after the date of this Agreement].
• You must also be able to deliver marketable title free of any other liens. The program will contribute up to a total of $6,000 toward paying off any subordinate lien holders.
• The program requires that each subordinate lien holder release you from personal liability for the loans in order for the sale to qualify for this program, but the lender/servicer/investor will not take any responsibility for ensuring that the lien holders do not seek to enforce personal liability against you. Therefore, we recommend that you take steps to satisfy yourself that the subordinate lien holders will release you from personal liability.

Property Condition. You must leave the house in broom clean condition, free of interior and exterior trash, debris or damage, and all personal belongings must be removed from the Property. The yard must be clean and neat and you must deliver all the keys and controls (e.g., garage door openers) to the lender/servicer.

Transfer/Closing.You may be required to sign standard pre-closing documents as well as attend a closing of the transfer of your Property where all borrowers on the mortgage must be present.

Deed-in-Lieu (DIL) Agreements between servicers and borrowers that provide an option for the borrower to continue to occupy the property on a rental basis (deed-for-lease) or provide an opportunity for the borrower to repurchase the property at some future time are also eligible for financial incentives under HAFA, so long as all other program requirements are met.

HAFA is Home Affordable Foreclosure Alternatives Program. See Basic HAFA Requirements Here

At the discretion of the servicer in accordance with investor guidelines, the borrower relocation incentive may be paid either upon the successful closing of the DIL or at a future time when the borrower vacates or repurchases the property. Servicers offering programs of this type must include program descriptions and conditions in their HAFA Policy.

Conditional DIL agreements that allow a borrower to reinstate the original loan following some period of rental occupancy are not eligible for HAFA incentives unless and until the DIL is final and the borrower no longer has the option of reinstating or modifying the original first mortgage lien.

For Short Sale help in San Ramon, Dublin CA, Pleasanton call for your free consultation with a caring, knowledgable real estate professional today! Call Vickie Nagy at (925) 407-7987, or Contact Vickie Nagy by e-mail! CA DRE#01363932, BMC Real Estate| 4115 Blackhawk Plaza Cir, Suite 100 | Danville, CA 94506.

Vickie Nagy is HAFA Certified, a CDPE Certified Distressed Property Expert and PSC Pre-Foreclosure Specialist Certified.

Vickie Nagy concentrates on helping sellers reach a successful short sale in San Ramon CA, Dublin CA, Danville CA and Pleasanton CA.

Vickie Nagy: (925) 407-7987 or email: Vickie@VickieSellsHomes.com

Steve Nagy: (925) 407-7853 or email Steve@BestTriValleyHomes.com

Vickie and Steve Nagy are available to help you with all your real estate needs, including relocation to San Ramon CA, Dublin CA, Pleasanton CA, Danville CA & nearby.

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