It is currently Sun May 26, 2013 7:54 pm


Forum rules


You can submit your comments as a guest or register to receive automatic email updates with responses to your post.



Post new topic Reply to topic  [ 3 posts ] 
 New Government Program That Pays You to Short Sell Your Home 
Author Message

Joined: Tue May 03, 2011 1:41 pm
Posts: 2
Post New Government Program That Pays You to Short Sell Your Home
This is not spam or a a scam. This is a legit, new government program called HAFA that many lenders are participating in.
Here's some info and check it out. Contact me with questions.
HAFA Program Summary
The Fannie Mae HAFA program simplifies and streamlines the use of short or "preforeclosure" sale and deed-in-lieu of foreclosure (DIL) options by incorporating the following unique features:


Complements HAMP by providing alternatives for borrowers who are HAMP eligible (including borrowers facing imminent default);
Utilizes verified borrower financial and hardship information collected in conjunction with HAMP, eliminating the need for additional eligibility analysis;
Allows the borrower to receive pre-approved short sale terms prior to the property listing;
Prohibits the servicer from requiring, as a condition of approving the short sale, a reduction in the real estate commission agreed upon in the listing agreement;
Releases the successful HAFA borrower from future liability for the debt;
Uses standard processes, documents, and timeframes;
Provides financial incentives to borrowers, servicers and subordinate lienholders.



Resources
New FAQs are available to provide servicers with additional insight on the HAFA program.


HAFA FAQs



Incentive Compensation



Servicer Incentives

Short sale - $2,200 incentive fee
DIL - $1,500 incentive fee

No servicer or borrower incentive will be paid for short sales on Fannie Mae second lien mortgage loans.




Borrower Incentives

Short sale or DIL - $3,000 to assist with relocation expenses

In most circumstances, the borrower will receive funds at closing of a short sale or within 5 days after the servicer's acceptance of a DIL, provided the borrower has vacated the property and left it in acceptable condition.


Tue May 24, 2011 9:25 am
Profile

Joined: Thu Jun 02, 2011 9:52 pm
Posts: 2
Post Re: New Government Program That Pays You to Short Sell Your Home
cr8zy we've gotten to this - lenders paying us to get out of our loans - loans we agreed to pay in full when we bought our houses. sign of the times, i guess.


Thu Jun 02, 2011 9:53 pm
Profile

Joined: Mon Jul 19, 2010 12:52 pm
Posts: 34
Post Re: New Government Program That Pays You to Short Sell Your Home
good news for all.


Thu Jun 30, 2011 9:00 pm
Profile
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 3 posts ] 


Who is online

Users browsing this forum: No registered users and 1 guest


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum

Search for:
Jump to:  
cron
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group.
Designed by Vjacheslav Trushkin for Free Forums/DivisionCore.