Big Changes Coming to HAFA
It was announced on March 9, 2012 that the Home Affordable Foreclosure Alternative (HAFA) program was extended until the end of 2013. Along with this extension come several huge changes that will benefit homeowners and allow for more participation in this program.
- Occupancy Guidelines Waived
- $3000 to seller even if tenant occupied
- Up to $8500 to subordinate lien
- Qualify even if current on payment
- Credit reported as Paid in Full
Let’s elaborate on these changes.
Chase Short Sale Outreach is the REAL DEAL!
We recently closed another Chase Short Sale Outreach program and can say for sure that this is the best program out there.
The listing agent thought it was a scam or some sort of joke and almost didn’t send the letter the seller got in the mail to us. This particular seller was given $10,000.00 and a waiver of deficiency.
Why The Big Payoff?
It is unclear as to why they are offering an incentive that goes so far and above other short sale programs. So far Chase has offered anywhere from $10,000 to $20,000 as an incentive for sellers to do a short sale. Much higher than
Bank of America’s Co-op Short Sale, Facts and Findings
We had the pleasure of closing another Bank of America Co-op Short Sale this week. We previously wrote about this program and had high hopes that it would deliver as advertised. However, we soon became a little suspicious of this program when we found out that BofA wanted to move the seller straight into a Deed in Lieu if the property didn’t sell in 120 days.
Turns out BofA is doing that with their HAFA short sales as well. You can read about that HERE.
“Pre-Approved Short Sales”
Because of the Approved Marketing Plan that goes along with this program, the listing agent was able
Do Your Short Sale Approvals Say The ‘Magic Words’?
My greatest duty as a Short Sale Negotiator is to be an Advocate for the seller.
The sellers that I deal with have often been run through the ringer by life in general, and their lender. They are often left without the strength to defend themselves against things they don’t understand.
“Deficiency Judgement? Forgivness of debt is taxable?”
Many of them have a hard time understanding the process, much less the consequences of a short sale if not done properly. They have the misconception that selling their home on a short sale will be the last time they will have to deal with this situation.
I have a tremendous passion for defending those who can’t defend themselves. This is why I push for HAFA, BofA’s Co-op, or the Chase Short Sale Outreach Program whenever possible.
All of these programs have a…
2 Big Reasons Why Banks Love Short Sales
In an earlier post I commented on the fact that Bank of America has gone on record to say that they plan to increase the number of short sales they do by 60% in 2012. I want to explain why this is more than just a feel good policy and why other banks are doing the same thing in the State of Oregon.
There are 2 main reasons that point to an increase in short sales and they are both about minimizing loss and maximizing profits for the bank.
#1 – The bank nets more money in a short sale than in selling a bank owned home.
I have seen several different statistics with varying numbers that support this fact. Some experts say…
