HAFA Update 2012 - Major Changes made.

By
Managing Real Estate Broker with Temecula short sale specialist at Realty Works Temecula,CA 01233850

HAFA Update 2012 - Home Affordable Foreclosure Alternative Extended another year!HAFA UPDATE 2012

Friday, March 9th 2012, the Obama Administration announced major updates to the Home Affordable Foreclosure Alternative (HAFA) program. Created in 2009, HAFA is a government-sponsored (US Treasury) initiative assisting all Home Affordable Modification Program (HAMP) eligible homeowners in avoiding foreclosure through the short sales process & deed-in-lieu program.

These new  HAFA updates will be effective as of June 1, 2012, and will allow more distressed homeowners to seek assistance. Most importantly, the deadline for submitting for HAFA eligibility will be extended a full year, to December 31, 2013.

March’s 2012 updates to the HAFA program include:

  • The removal of occupancy requirements. Previously, HAFA required homeowners to have lived in the property within the last 12 months.
  • $3,000 relocation incentives will be limited to properties occupied by an owner or tenant at the time of the short sale.
  • Mortgage payments will be allowed to exceed 31% of the homeowner’s gross monthly income. This update will allow a homeowner to stay current on her mortgage and still qualify, minimizing the overall impact to her credit.
  • Secondary lienholders may receive up to a maximum of $8,500, up from $6,000 previously.
  • And one of the most dramatic changes: The Credit Bureau Reporting will be Account Status Code 13 (paid or closed account/zero balance) or 65 (account paid in full/a foreclosure was started), as applicable.

With these updates, a homeowner can be current on their mortgage, qualify for HAFA, continue to make their payments, and execute a short sale with minimum impact on their credit!

Contact Sidney Kutchuk, Temecula Certified HAFA Short Sale Agent 951-215-6745

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Rainmaker
344,204
Sidney Kutchuk
Temecula Short Sale Specialist | 951-217-6745
Temecula short sale specialist at Realty Works Temecula,CA

DAN,

By increasing the amount allowed to be paid to  a jr lien holder more HAFA deals will be approved. HAFA is an option and if the jr lien holder has to be paid more the seller can opt out of HAFA and go for a standard short sale.

March 15, 2012 08:06 AM
Rainer
71,505
Bas Panch
SCV Home Buyer

Hi Sidney. Thanks for sharing this very helpful post and making HAFA easier to understand. You are definitely a top Temecula Short Sale Agent! Keep up the good work.

 

March 22, 2012 06:42 PM
Ambassador
1,775,408
Nestor & Katerina Gasset
Realtors, Wellington Florida Homes For Sale
International Properties and Investments LLC

Good morning, Sidney. Great update on HAFA. You really know your stuff. You are an inspiration not only to lots of clients & short sale specialists out there but also to temecula short sale agents. You're doing a great job. Keep it up, Sidney. Thanks for sharing. 

March 24, 2012 02:49 AM
Rainmaker
226,945
Kim & Kristine Halverson
Realtors, Santa Monica Real Estate, CA
www.KimAndKristine.com, Santa Monica Real Estate :)

Great Blog Sidney. Thanks for sharing this very helpful post .Its alot easier to understand now.Definitely a top notch.

 

March 26, 2012 09:41 AM
Anonymous #6
Anonymous
Edward Garcia
Great update.
April 05, 2012 10:09 AM
Anonymous
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Rainmaker
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Sidney Kutchuk

Temecula Short Sale Specialist | 951-217-6745
Avoid foreclosure,ask me about your many no cost options
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Additional Information

Temecula Short Sale Specialist. Blogs of my TEMECULA and MURRIETA SHORT SALE Experiences. Come with me thru my many trips via email,phone & faxes with the banks,lenders and my clients during my Temecula & Murrieta short sale transactions... Sidney Kutchuk Temecula Short Sale Specialist. www.RealtyWrks.com (951) 217-6745 41720 Winchester Rd #J Temecula Ca 92590 www.aShortSale.com www.Temecula-ShortSaleAgents.com