How a HAFA Short Sale Can Benefit YOU! ~ Hampton Roads Real Estate Ramblings

How a HAFA Short Sale Can Benefit YOU!

Wednesday, November 16, 2011

Hello Hampton Roads,

A HAFA Short Sale is a government assisted short sale that is more streamlined, easier, and faster to process than a regular short sale.  HAFA offers a faster timeline than a traditional short sale and provides monetary incentives to distressed homeowners, servicers and subordinate lien holders to make the process mutually beneficial to all parties.

Here are some of the highlights:

  • A pre-approved selling price or acceptable sales proceeds amount
  • A minimum of 120 days to market the property-maximum 360 days and the foreclosure process is stopped during this time!
  • A 10 day time frame to respond to offers to purchase the home
  • Debt is eliminated--there is NO deficiency judgment 
  • A homeowner may not even have to claim the forgiven debt as income per the Mortgage Forgiveness Debt Relief Act of 2007  (H.R. 3648)--but HURRY as this expires in Dec. 31, 2012!
  • No promissory notes or cash is required to close from the homeowner 
  • $3000 in relocation assistance to the homeowner
  • $2200 to the servicer for a successfully closed short sale
  • Up to an aggregate total of $6K to subordinate lien holders to release their liens

Over 80% of primary residences in distress are eligible for HAFA short sales.  If you or someone you know is considering a short sale or other foreclosure option, feel free to contact me!  If I list your home as short sale, my services to the homeowner are FREE.  Visit http://www.NewStartTransitions.com and fill out the contact form for a confidential, no obligation consultation.

I look forward to the opportunity to be of service!


Thanks for reading,


View Liz Schuyler- CDPE, SFR, e-PRO's profile on LinkedIn 
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Serving your Hampton Roads and Virginia Beach Real Estate needs.

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