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New Government Program That Pays You to Short Sell Your Home
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azrealestate
Joined: Tue May 03, 2011 1:41 pm Posts: 2
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 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.
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| Tue May 24, 2011 9:25 am |
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hobobobo5
Joined: Thu Jun 02, 2011 9:52 pm Posts: 2
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 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.
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| Thu Jun 02, 2011 9:53 pm |
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ladydan
Joined: Mon Jul 19, 2010 12:52 pm Posts: 34
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 Re: New Government Program That Pays You to Short Sell Your Home
good news for all.
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| Thu Jun 30, 2011 9:00 pm |
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