I entered the Real Estate Profession 20 years ago and very little about my profession has got easier, in fact every day it has grown more complex.  I never thought I would be assisting homeowners with Government Programs named HAMP an HAFA, but here we are.  April 05, 2010 has past, the new rules are here, in fact they have already improved "HAFA"   Click Here to see the Improvement!

Before you dive into the new rules you may want to get a cup of  coffee, as it will take about five minutes to absorb all the  information, but if your a Home Owner facing foreclosure, reading about these programs may be time very well spent.

As your reading you will notice most of the text in blue or red font are active links that will take you to reference points.  I will try and reference the documents that supports what I say.

HAMP is one of the many Government Programs that was developed to assist homeowners obtain  loan modifications.  In November of 2009 "HAFA" was introduced as a change to "HAMP" by the use of a  Supplemental Directive  09 09.   The Directive is 47 pages of rules and forms that everyone on my Staff at www.ShortSaleNurse.com is very familiar with. (when reading make sure your looking at the revised version)

It is no secret, the "Federal Government Programs" have not had intended results, loan modifications have not been granted like it was hoped they would be.  Many regions in the United States including San Diego and Riverside County  have developed what is being called a shadow inventory.    It is no longer a secret,  especially in San Diego that some banks have not been paid for mortgages for more than an year, yet they have not even started the formal process of foreclosure.  The mortgage default rate has sky rocketed.

Foreclosure is an expensive process for the banks and considering  the numbers of in default properties at 13%  is almost unmanageable.  "HAFA" could solve part of this problem.  "HAFA" is an attempt by the Treasury Department to offer people an opportunity to "SHORT SELL" their home in lieu of foreclosure.

HERE ARE THE 10 MOST IMPORTANT QUESTIONS ABOUT  "HAFA".

I have  taken the answers directly from the 43 page  HAMP Supplemental Directive 09 09 . Just  click on the RED number, you will be taken to the answer you want with the page reference in  "HAFA" to prove the answer. 

1. How do I know what I am reading is valid information?

2. How Do I know my loan modification was considered before I was told to "Short Sell" my property?

3. How do I know who qualifies for HAFA and a "Short Sale" or Deed in Lieu of Foreclosure?

4. When and how will I find out a "HAFA" short sale in an option?

5. It is my understanding that I can get  Pre Approved Sales Price for my home under this program before any marketing for the property is done?

6. Selling a Home is difficult, I don't think I could do it by myself.  Where do I go for help?

7. If  I don't have any money to make my mortgage payment how am in going to pay a Real Estate Broker?

8.  I have been told that I will  receive ($3000.00 ) in move out money when the transaction closes, is that true?

9. Can I sell my home to my brother?

10. I have been told the Bank may later sue me in Court for the amount of their loss, obtaining what is called a deficiency Judgment, can they do that if you administer my short sale or deed in lieu through "HAFA"?

The Final Question I hear from Homeowners

Will my Request for  a "HAFA" Pre Approved Short Sale freeze the Foreclosure process on my home?

After you read the answer to the bonus question I bet you want to meet the  Realtor Staff  Members at

www.ShortSaleNurse.com

No one Knows Short Sales Like HAFA . US

IF you need a referral to a "HAFA" Short Sale Agent in your area please write or call me, I will direct you to someone that is qualified!