It’s hard to believe that it’s been a few years since HAFA was implemented, but now that we’re down the road, I’m finally starting to see some Short Sale homeowners benefit from this program.
HAFA stands for Home Affordable Foreclosure Alternatives Program. Designed to give homeowners options and help banks avoid the huge expense of taking a property back through foreclosure. Although contrary to one of our previous posts, there still are some banks out there wanting to avoid property ownership through foreclosure.
Short Sales have gotten a wrap with the general public, to the extent where there’s so many misunderstandings about short sales out there, I liken the quality of the information to that of Bigfoot sightings.
One of HAFA’s primary goals was to simplify and streamline the the short sale and DIL (deed in lieu) process by:
“providing a standard process flow, minimum performance timeframes and standard documentation.”
According to the HAFA /HAMP website.
The banks aren’t the only one benefiting from the efficiency. Qualified HAFA short sales homeowners are also entitled to compensation. The amount will depend on a number of criteria and can be easily (somewhat) calculated using the HAMP Compensation Matrix.
If you think you are or are in a Short Sale situation and want to find out more about this program, please contact us.