Will I Qualify?
Servicers must consider HAMP eligible borrower for HAFA within 30 days of the date the borrower:
• Does not qualify for trial period plan
• Does not successfully complete trial period plan
• Is delinquent on HAMP modification by missing at least two consecutive payments
• Requests a short sale or Deed-in-Lieu
Of course traditional short sales may be pursued. Now that SB 931 and HAFA both require that the lenders fully release borrowers from future liability of the first loan indebtedness, the primary difference is that HAFA provides standard process, documents, timelines and incentives to servicers, borrowers, and investors to enable short sales and deeds-in-lieu of foreclosure.
One of the most significant advantages of HAFA is that it allows borrowers to receive pre-approved short sale terms before listing their property for sale with the help of a licensed real estate professional.
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.
BMC Real Estate | 4115 Blackhawk Plaza Cir, Suite 100 | Danville, CA 94506