HAFA short sales Vallejo, Benicia, American Canyon
Wednesday, July 28, 2010
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The Home Affordable Foreclosure Altenatives Program (HAFA) is beginning to take shape as more real estate professionals aquire the knowledge of this new program to make it easier for the destressed borrower to sell his/her home by a more streamlined short sale method.
The problem with short sales has been the length of time it takes to finally close the transaction. The biggest issue with short sales was just getting the investor to approve or not approve the short sale. After months of waiting for a response, many buyers give up and pull out of the deal. This should no longer be the case as a standardized form called the Request for Approval of Short Sale (RASS) along with a completed contract of sale, and a completed short sale package from the listing agent to the servicer of the loan in default, should result in an approval or denial within 10 business days after submission of the package. Furthermore the whole process is being revamped with standardized forms as much as possible throughout the nation. Fannie Mae and Freddie Mac have also adopted and adapted guidelines to the HAFA program.
There are no true “experts” in this process but there are now Realtors @ who are certified short sale specialist that have completed the educational requirements to help sellers and buyers in the new HAFA short sale process.
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Hey – nice write-up. The foreclosure situation is still quite ridiculous – even more so in Vegas – I recently saw that seventy-one percent of mortgages there are underwater! If that’s what it’s like in a well-off city like Las Vegas, it seriously makes me concerned… Anyhow… cool blog… I’m subscribed to your feed now so I’ll check in more often!