HAFA – Home Affordable Foreclosure Alternative – FAQ’s
HAFA – Home Affordable Foreclosure Alternative Program FAQ’s
The questions about HAFA have been rolling in all week! We thought we’d post the top questions that we have been getting since it’s inception this Monday, April 5 2010.
WHAT IS HAFA?
HAFA is a new government program implemented April 5, 2010 in an attempt to streamline & expedite the processing of short sale transactions nationwide.
AS A SELLER WHY SHOULD I TRY TO USE HAFA?
For one the short sale may be completed in less than 1/4 of the time it takes to do a normal short sale. A second reason is that there may be up to $3000.00 in seller incentives to use towards relocation costs.
HOW DO I APPLY FOR A HAFA SHORT SALE?
The first step is to call us at 480-241-4406 and we’ll help you draft the forms and complete all the paperwork. We do not charge any fees to you for listing the property or completing the forms. We are paid from the lender at closing.
DO I QUALIFY FOR HAFA?
That depends, not everyone qualifies. Two of the major qualifications are that it must be your primary residence and your monthly mortgage payment must be more than 31% of your gross monthly income. If you meet those two criteria than you may be eligible for the HAFA program. Call us for more information about whether you qualify.
IS THIS THE END OF THE “NORMAL” SHORT SALE?
No. Many people do not qualify for the HAFA program. Those that do should definitely take advantage of it and those that don’t we will continue to push forward as quickly as possible. Because of this program streamlining the short sale world we are hoping that traditional short sales will begin to move much faster as a result of less paperwork in the system.
If you have questions regarding HAFA, short sales, or would like a free consultation about your situation please call us today at 480-241-4406 or email us at: Sean@AzHomeHelp.com
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