Archives for October 2011

What The Heck is a HAFA?

HAFA stands for Home Affordable Foreclosure Alternatives and it is part of the Making Home Affordable program created by the Obama Administration to help homeowners avoid foreclosure.

Unlike most features in this program, HAFA is used when staying in the home is not affordable or is too much of a burden to bear and a short sale is needed.

In order to truly understand HAFA, you need to know that its is a supplement to a program called HAMP (Home Affordable Modification Program).  The goal of this program is to keep distressed homeowners in their homes through a loan modification.  Because there is a large number of homeowners that can not qualify for a loan modification, have defaulted on a loan modification, or just need to sell, the HAFA program was introduced as a way to “exit gracefully” in their words.

The features and benefits to a HAFA short sale are many…

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Navigating Short Sales in Oregon

I had the pleasure of attending a short sale training class this past week that focused on clarifying Oregon Law as it applies to handling short sales.  It is amazing to me how many agents aren’t aware of what they can and more importantly can’t do when it comes to the handling of short sales in Oregon.

To Protect and Serve

Because of the financial impact now and in the future, the State of Oregon has passed laws to regulate what is required of anyone receiving compensation on a short sale transaction.  You will want to read ORS Chapter 697 to get all of the details.  But I will highlight a few points that most real estate agents aren’t aware of. [Read more…]