HAFA Benefits for Agents – C.A.R. Magazine Article
08. Sep, 2010
2 Comments
I just wanted to let everyone know about an article regarding HAFA in this month’s Issue of CAR magazine where I outline some of the most important benefits to real estate practitioners who learn about the HAFA program.
Click here to view the current issue of CAR magazine(the article is on page 20).
Here is the list from the article covering some of the benefits to real estate agents and brokers who learn about the new HAFA rules.
- Sales terms, such as home prices and commissions, that are agreed upon in advance by the short sale lender.
- A potentially speedier process and more definite time frames. For example, the listing period must be a minimum of 120 days and can be extended up to a maximum of one year. After submission of an executed purchase contract, servicers must approve or disapprove a sale within 10 business days.
- Uniformity of forms.
For homeowners, benefits include:
- Greater certainty. If a short sale doesn’t happen, a homeowner can be considered for a deed-in-lieu of foreclosure where the property is returned to the lender.
- Mandatory deficiency release that allows borrowers to walk away free and clear.
- $3,000 in moving expenses.
Click here to view the current issue of CAR magazine(the article is on page 20).
Author
HAFA *could* be a great program if administered per the design – I haven’t seen a HAFA yet that has done anything but cause delays – despite the published guidelines, servicers are all over the place when it comes to HAFA as they attempt to tweak the program any way possible. BoA HAFAs are a complete joke.
Even though HAFA actually extends the time of a short sale, I always encourage ‘my sellers’ to jump through the HAFA hoops – HAFA is better for the homeowner/seller in the long run.
I would like to read the atricle but it is blured (even when I zoom)and is worse if printed. Would it be possibe to email or fax (1-866-742-0520 goes directly to my email as a pdf) me a copy of the article?
Thank you