Tag: Home Affordable Foreclosure Alternative
Short Sale Real Estate Program to Stop Foreclosure-Update-Redding CA
Short Sale Real Estate Program to Stop Foreclosure-Update-Redding CA
What is a HAFA Short Sale-Home Affordable Foreclosure Alternatives-Redding CA
What is a HAFA Short Sale-Home Affordable Foreclosure Alternatives-Redding CA
What is a HAFA Short Sale.
HAFA is the federal government subsidized
Redding Homeowners wanting to sell their homes in a short sale are getting some relief-Short Sale-Redding CA
Redding Homeowners wanting to sell their homes in a short sale are getting some relief, thanks to the federal government’s Home Affordable Foreclosure Alternatives, or HAFA, program.
Up to now, many short sales (in which the mortgage banker accepts a sale of the property for less than the full amount owed) have taken 6 to 12 months to complete.
Often the complex and lengthy process has failed, resulting in a foreclosure.
The HAFA establishes streamlined short sale rules and incentivizes borrowers in the form of cash, and lenders to work together to avoid foreclosure.
These short sale rules are in effect between April 5, 2010, and Dec. 31, 2012 also are intended to speed up the short sale process.
According to the HAFA short sale rules, lenders now must offer a short sale in writing to the borrower within 30 days if the borrower does not qualify for or complete a loan modification.
Homeowners then must respond within 14 days to the lender’s short sale agreement.
Ways to Contact Us Direct (530) 921-1063 Laura Reilly
or OnLine
Short Sale Certified by the National Association of Realtors License #01760446
Check Out My Credentials Here
LOOK at REAL short sale approval letters, Homeowners Released and PAID relocation !!
Redding Homeowners wanting to sell their homes in a short sale are getting some relief-Short Sale-Redding CA
Short Sale Terms and Tips-Bank Lingo-Redding CA
Short Sale Terms and Tips-Bank Lingo-Redding CA
The world of short sale real estate has its own dictionary, as do the many government programs for struggling homeowners. Here is a free guide to help you.
Your bank will order a BPO…
A Broker price opinion (BPO): This is where a neutral third party will estimated value of a property. This is done by a licensed real estate agent.
When you want to give the house back to the bank a DIL…
This is called a Deed-in-lieu (DIL) of foreclosure: When borrowers can no longer make their mortgage payments, a DIL allows the homeowner to voluntary transfer ownership of a property back to the lender, allowing the home owner to avoid foreclosure.
A type of loan modification forbearance…
A Forbearance on a mortgage will reduce or suspend laon payments as agreed upon by the mortgage holders for a predetermined set period of time.
Foreclosure…
The legal process in which the lien holders (bank) takes possession of a property as a result of a mortgage default by the borrower (homeowner).
What the heck is HAFA?
A federal program for home owners who can no longer afford their monthly mortgage payment. HAFA stands for Home Affordable Foreclosure Alternatives.
Am I eligible for HAFA?
Have you lived in the home or have lived there within the last 12 months?
Do you have a financial hardship?
Did you obtained the home loan on or before January 1, 2009?
You must not have been convicted within the last 10 years of felony larceny, theft, fraud, forgery, money laundering, or tax evasion in connection with a mortgage or real estate transaction.
The loan modification called HAMP…
Another federal program that provides foreclosure-prevention initiatives to help borrowers in or at risk of default avoid foreclosure via loan modification or principal reduction to lower their monthly mortgage payments.
HAMP stand for Home Affordable Modification Program.
The FHA and VA also offer HAMP programs for struggling home owners.
Can you play the HARP?
Yet another federal program for mortgage borrowers who are current on their payments but having trouble acquiring traditional refinancing because the value of their home has declined.
HARP stand for Home Affordable Refinance Program.
These homeowners are “underwater”, meaning they own more on their mortgage than what their home is currently worth.
Insolvency…
When a homeowner does not have enough Money (liquid) assets to pay down a mortgage.
Why do they call it a Short sale?
A real estate transaction in which the lender or banks agree to accept less than what is owed on the current home loan.
Because the net proceeds from the sale are not enough to cover the homeowners mortgage obligations, the difference is forgiven by the lender.
Ways to Contact Us Direct (530) 921-1063 Laura Reilly
or OnLine
Short Sale Certified by the National Association of Realtors License #01760446
Check Out My Credentials Here
LOOK at REAL short sale approval letters, Homeowners Released and PAID relocation !!
Short Sale Terms and Tips-Bank Lingo-Redding CA
Short Sale Facts-Does your bank do HAFA?-Redding CA
Short Sale Facts-Does your bank do HAFA?-Redding CA
What does HAFA mean?
HAFA is a federal government program
Redding CA – Short Sales – New HAFA Short Sale Guidelines!
Redding CA – Short Sales – New HAFA Short Sale Guidelines–According to the Congressional Oversight Panel (the Troubled Asset Relief Program watchdog) thus far