Now that Home Affordable Foreclosure Alternatives Program (HAFA) has been implemented short sales should no longer be the longest yard! HAFA program has become part of the Loan Modification Plan so that lenders who are approved for MHA participation by lenders who are approved for MHA(Making Home Affordable) must participate. Banks will consider your eligibility for the HAFA Program before they can begin foreclosure proceedings. The best part is that there is a 30 day time-line attached. Banks are required to make a reasonable effort to contact you regarding your options. The owner then has 14 days to respond. HAFA funding will help pay for moving expenses and deposits so that you can move out of your home, up to $3,000!
Remember that losing equity in your home is NOT a hardship! Owners must prove that they can no longer afford their mortgage because of job loss, divorce etc. There can be credit ramifications so be certain that you have a team of expert Realtors who have successfully handled short sales to discuss all options. Your Realtor will be the liaison between you and the bank and is not a lawyer or tax professional. Contact your Realtor to see how the new short sale process can benefit you.
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