Short sales are

quite confused, but we will start a new program in the mixture. They say Hafa. Now not to confuse you further, I’ll talk about the good old Hafa regular program and not Freddie Mac / Fannie Mae program Hafa sale.

owners should be aware of the advantages and disadvantages of the program Hafa. I received two calls this week with officers who were angry when their short sales were allowed creditor “the right to continue to sue the deficit” and there were no relocation assistance.

Here’s why:

SECOND

lenders not in the program Hafa participate So even if Chase or Wells, or whatever the second lender is independent and to involve program as a lender Hafa seconds on the property, Did not comply with the Hafa program. Officer to give that short selling did not know. Not only the agent on the owners angry investors in both cases CUT Commission for certification. Imagine? A lender cutting sales commission? Well, it’s something you do not see every day the rights? WRONG!

So let’s about the basics of the program Hafa go.

PRO:

If you only have a mortgage and mortgage company is involved and approves your short sale there are some pros:

1) You will have the deficiency (the difference of the accepted, what you need as you 5000-5000 commandments someone you are free of these have 000 Amount to be relieved poor. If the lender is not after you “) does not mean you do not have tax liabilities.

2) . Up to 00 in moving expenses

3) The lender within 10 days must respond to mean he is not the buyer, you will receive an approval within 10 days you have to only answer and the answer is. “Hey , we have received, and we are us “

These are very good reasons, a short sale when you try to qualify Hafa Let’s see if you really ….

These are some qualifying Hafa are qualified.

The property of the principal residence of the owner of No investment, residential .- will have certification to be considered “The hotel is the main residence of the borrower, except that free property, may, up to 90 days before the date of demand in the short sale option agreement (SSA), for permission short sales (Alternative (RASS) or DIP agreement if the borrower provides documentation that the borrower was required to relocate at least 100 miles from the property to a accept new job or was of the transmitted current employer and there is no evidence that the borrower purchased a property with four units of 90 days before the date of the SSA, Alternative RASS DIL or agreement. “[From the supplementary Directive] first mortgage originated before 2009.paiements mortgage in default or it must be reasonably standard prévisible.Solde outstanding does not exceed 9.750.Si an owner has not applied for the management COPE need a change request and the affidavit and verifiable evidence of the financial difficulties that the financial situation of the holders of the profit requirement of 31% funding criteria. Fincas-TOTAL monthly payment PITI (principle contributions, interest, taxes, insurance and HOA) must be over 31% of their gross monthly income

OK Great, you are eligible and have been for Haifa applied and enrolled in the program ..

Here are the CONS.
1) Mandatory measure in place – the owner is required to sign a presupposes rather than the one that her house to the bank if the house is not sold surrender fact, it is the number one reason I don ‘would never be an owner Sign up for Hafa – a replacement is a “lock-friendly” and reported on your credit report is very similar to a foreclosure 2) 120 days you have 120 days to sell your house by Hafa from the time they send you the SSA (Short Sale application). – If you do not sell your house at this point, see # 1 You have agreed to a friendly seizure -. act in the place you extra time to market your house are given, but do not bet on it

.

3) Your lender has the property price. A BPO is before listing of the property carried out. The BPO agent from your lender and if the agent is not experienced with BPO market near you hired, you may have problems. you are not responsible for the accuracy of the price list and have no liability to you if the property is not sold

Side note ***

. Last week I received a call from a homeowner, the Bank of America was a creditor who had no idea she had enrolled in the program Hafa His agent has not fully explain what was going on and they did. not what it was adopted. She asked me to buy the house. Now we buy short sales. We want to sell short, and that is what we focus on investing, but we can not buy all short sales and we have to describe it. I immediately called his agent and told him. He told me that the lender set at a price of 7,000 for the property. They got an offer for 0000 in which I sure you can Score’m guessing. They (BOA) has rejected the offer. The house needs a tremendous amount of work. Its value was very close to 0000 with all the repairs necessary and it does not help the situation its value. I said that we could not buy it because we were not close to where an acceptable offer for BOA. It was heartbreaking to explain that, when she would not receive any offer likely to search rather than ****

Act 4) Hafa is a set of lines policies. This is not the law, if the creditor does not follow the protocol, it is not really an action that can be taken.

5) Each participating lender develops its own policies written by the guidelines of the investors, which describes the basis on which the lender offers the program Hafa borrowers. you do not receive the guidelines to see. However, the guidelines of the government submitted. How did you seriously consider whether the guidelines were broken? power much sense ? or

6) Service, the conditions of the SSA to change with the demands of investors – Basically, it means lenders can do what they, the devil and the good, then why would anyone consider Hafa lenders do what they with a good old classic short sale want and you do not have all the other negative.

7) The owners of some mortgage payments must be through the process. This payment of the amounts to be determined by your lender.

8) Not COMMISSION protected is – this is really is for the agent, I think that is why the means by which we really like their commission is paid in full Here’s the thing if want a second lender reduces commissions for approval …. of the short sale on your behalf Hafa is not protected at 6% and it is discovered really not a short sale Hafa that agents we spoke this week.

The reason why I wrote it because the two officers that are very hard on what they thought worked, was a short sale Hafa release of the owner of deviations, and thus move a credit 00th frustration with the 5-6 months they have only one to have wasted the final result is similar to a traditional short sale was obvious. PLEASE second place holder note must be kept not necessarily involved in the same area when dealing Hafa Hafa approved lender.

We buy several short sales and not on the property Hafa sale bid, because we do not have an owner signs a document instead of a part of the program. I’m not saying the program doesn ‘t have their advantages, but the owners, agents, and other interested parties have all the advantages and disadvantages before making a decision as to the short sell their home to know whether Hafa to conventional or a short sale.

Maryann Little works with house and apartment owners in preforeclosure. His company Rapid Relief Estate, LLC for the acquisition and the negotiations in New Hampshire and Massachusetts preforeclosure focused. http://rapidpropertyrelief more information. com go.

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