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SHORT SALE HELP

Contact Information

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Properties by TARA
#01843373
WinDS, AREAA,CDPE, NASSPro, CDPD, A-REO
5 Star Short Sale Certified, RDCPro,
ResNet & Equator certified
Serving Northern California
925.755.TARA  (8272)
Direct: 925.382.6210
Fax: 925.871.5972
PropertiesByTARA@comcast.net
 www.ShortSaleQuarterback.com

Thank you for visiting today. If this is your first visit, take your time and look around. I have plenty of information and resources available to you. If you are a return visitor, thank you. I would love to hear from you and tell you how I can serve all your real estate needs.

FAQ

FAQ - For Homeowners

You may have heard about HAFA on the news or from friends and probably have some questions about what it is, how it works, and how it can save you from the financial ruin brought on by a foreclosure. Here are some answers you may find helpful:

What does HAFA stand for?
Also known as the "April Program," HAFA stands or Home Affordable Foreclosure Alternatives. It's a brand-new government program starting on April 5, 2010 that will streamline and incentivize alternatives to foreclosure. Under HAFA, participating banks must work with you to help you avoid foreclosure.1

What are the "Alternatives" in HAFA?
HAFA provides two alternatives that will allow you to avoid foreclosure:
  • Short Sale – If you owe more on your home than it is now worth, a short sale will help you sell your home and save yourself from financial ruin. According to HAFA, a real estate agent must be involved in this process. Agents with the CDPE designation are specially trained to help you with a short sale.
  • Deed-In-Lieu – This is where the bank accepts the deed of your home instead of ("in-lieu of") foreclosure. You do not get to keep your home, but your mortgage debt is forgiven.
HAFA also provides up to $3,000 in Borrower Relocation Assistance to help you transition beyond a short sale or deed-in-lieu of foreclosure.2


Why should I consider a HAFA short sale?
HAFA sets distinct guidelines and incentives for banks and lending companies so that you will know whether or not you can complete a short sale. One of the common myths about short sales is that they take forever to complete. HAFA makes sure that short sales happen more quickly by streamlining the short sale process.


How is HAFA different from a short sale?
The main issue with traditional short sales was that they took too long, and it was difficult to keep buyers interested in the process. HAFA is a program designed to speed up the short sale process and even gives banks incentives for each short sale they do.3,4 Also, after completing a HAFA short sale, you may be given up to $3,000 in Borrower Relocation Assistance to help you transition. During a non-HAFA short sale, there is no government incentive for banks to help you.

Do I have to hire a real estate professional for a HAFA short sale?
Call us...925.382.6210 or 925.755.TARA(8272)

How do I get started?
Your first step should be to contact an educated real estate professional in your area. An agent can walk you through the HAFA process, determine your eligibility, and provide you with the best solutions available for your particular circumstances.
 

How do I qualify?
Most homeowners facing financial hardship can qualify for HAFA. If you applied for a HAMP Trial Period Plan but did not qualify, or were unable to complete the Trial Period Plan, you are definitely eligible for HAFA.8 If you are unsure about your situation, contact a CDPE in your area immediately.
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What's in it for me?
HAFA is the only program that gives you cash for avoiding foreclosure through a short sale or deed-in-lieu of foreclosure. If you complete a short sale or deed-in-lieu, then up to $3,000 in Borrower Relocation Assistance may be available to aid in your transition.9 This program seeks to ensure that no one will be left high-and-dry if they cannot afford their home. The biggest gain of HAFA, however, is that it helps you get your life back if you feel like there are no other solutions when faced with foreclosure.
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How long does the process take?
HAFA speeds up the short sale process by putting in place distinct timelines that the banks — and you — must follow. Each step of the process has a defined amount of days in which it must happen. This keeps everyone on track. The longest minimal time expected in the HAFA short sale process is five months.10 However, the term of the SSA may be extended at the discretion of the servicer up to a total term of 12 months if agreed to by the borrower, in accordance with the requirements of the investor.11 Servicers can extend HAFA timeframes as necessary to accommodate delays in obtaining court approvals or receiving any periodic payment when they are made to a trustee.12 Back to Top

What is the April Program?
HAFA is commonly referred to as the April Program.
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HAFA Scams
There are many people out there trying to scam homeowners by requesting up-front fees for HAFA short sales. This is fraud. A CDPE-designated agent will never ask you for money. MakingHomeAffordable.gov (MHA) provides the following guidelines:
  • Beware of anyone who asks you to pay a fee in exchange for counseling service or modification of a delinquent loan.
  • Scam artists often target homeowners who are struggling to meet their mortgage commitment or anxious to sell their homes.
  • Beware of people who pressure you to sign papers immediately, or who try to convince you that they can "save" your home if you sign paperwork or transfer over the deed to your house.
  • Never make a mortgage payment to anyone other than your mortgage company without their approval.
  • Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.