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August 22nd, 2011 11:56 AM by David W. Welch
First things first, everybody asks what does HAFA stand for. I always say that it means "I hafa sell my house, but it's worth hafa what I paid for it." Actually, HAFA is an acronym for Home Affordable Foreclosure Alternatives. I think my little saying is closer to reality than the actual name. The Home Affordable part makes no sense, because the program establishes a somewhat standard process for banks to handle short sales or deed in lieu alternatives to foreclosure. It is not really making home more affordable at all. There are a few guidelines that you must meet to qualify for the program.
You may be eligible to apply if you meet all of the following:
*Eligibility criteria are for guidance only. Contact your mortgage servicer to see if you qualify for HAFA. (copied this directly from the government website www.makinghomeaffordable.gov/)
If you are thinking about a short sale, and you meet all these criteria, then contact your lender. You may be able to pursue a pre-approved short sale. The benefit of getting pre-approved under HAFA is that when you list your house, the lender will tell you what price they will accept. When you get an acceptable offer on your home, you should be able to expect a quick approval from your lender. If this all goes as planned, you have a much better chance of actually closing your short sale. Be prepared for the "run-around." I have a couple I am working with that has been working on their pre-approval with Bank of America since March.
David Welch Real Estate Optimist, Orlando Real Estate, Any Home-Any Phone