Finding help with HAFA short sales

HAFA is an improved short sale program that has standardized and streamlined the process, offering new incentives for servicers, protecting homeowners from deficiency claims, and providing $3,000 in relocation assistance. The program has been extended updated many times and is currently available through Dec. 31.

distressed homeowners with deficiencyHAFA short sales in California are streamlined for success; you just have to be with the right team for success. If you or your loved one is facing a financial crisis over your distressed property call me, Cindy Marty, at (310) 663-9427. My team and I specialize in navigating the complications of short sales in Los Angeles and Ventura California.

The foreclosure crisis is not over in Los Angeles or in the rest of the U.S. An 11 percent increase in U.S. home values during 2013 moved 4 million homeowners into positive equity and sharply reduced short sale activity. In 2014, however, price appreciation slowed to below 6 percent and the five-year outlook is now for annual appreciation to stay about 3.7 percent. It is therefore likely that the number of homeowners who may be interested in exploring a short sale will remain stable.

This “Guide to Understanding HAFA” short sales in California is helpful.

Here are six basic requirements for a HAFA short sale in California:

  1. Mortgages are owned or guaranteed by Fannie Mae and Freddie Mac or serviced by over 100 HAMP-participating mortgage servicers.
  2. First lien mortgage originated on or before Jan. 1, 2009.
  3. Borrower has documented financial hardship.
  4. Borrower’s first mortgage is less than $729,750 (one unit).
  5. Borrower’s first mortgage is less than $934,200 (two units).
  6. Borrower’s first mortgage is less than $1,129,250 (three units).
  7. Borrower’s first mortgage is less than $1,403,400 (four units).

Possible relocation assistance: $3,000

Wouldn’t that be great to have your debt forgiven in a short sale in Los Angeles, avoid foreclosure and get money for moving expenses? My team does it every day.

Here is the list of servicers who participate in HAFA.

Meanwhile, Californians who have received loan modifications are redefaulting at a staggering rate.

Don’t be a victim of the loan-modification rabbit hole. Statistically you are doomed for failure with a loan modification. Anybody can apply and receive a loan modification. The trick is to get a permanent loan modification. That is rare. Your lender just wants you to keep making payments you can’t afford.

California’s troubled homeowners are finding help with HAFA short sales. Contact me, Cindy Marty, and let’s get you moving on with your life with a HAFA short sale.

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