What is a HAFA Short Sale?-Redding
HAFA is a government organized Home Affordable Foreclosure Alternatives (HAFA) program for distressed homeowners to sell their homes to avoid foreclosure, even if the sales price is not enough to pay off their existing home loans. Under HAFA, a participating lender will pre-approve the terms and conditions of a HAFA short sale and give the borrower several months to market and receive and offer on the property using a licensed real estate professional.
HAFA Short Sale Redding Procedures :
* Your bank evaluates you the borrower for a loan modification under HAMP.
* Lender evaluates borrower unable to complete HAMP modification for short sale.
* Lender issues Short Sale Agreement.
* Borrower lists the property for sale using a licensed real estate agent.
* Agent markets and sell the property.
* Borrower and agent submits to lender a Request for Approval of Short Sale.
* Lender approves within 10 business days.
* Sale close! And property is transfered
HAFA Short Sale Redding Agreement: