I hope this is not just another program the banks DONT have to follow. This is a step in the right direction. Second lien holders do not realize how many people are filing for bankruptcy after a foreclosure because of the second lienholders lack of cooperation during a short sale. Dealing with one mortgage has always been a much smoother transaction.
I am launching http://www.westvalleyshortsale.com/ by the end of the month as a place for resources and/or alternatives to foreclosure.
As taken from email from Desiree Montgomery, MSSC of Realty Executives
"The mortgage modification process thus far has been very confusing for all parties involved. Now there is another program coming that will hopefully aid in some relief for homeowners. The Home Affordable Foreclosure Alternatives (HAFA) is a Short Sale Alternative to foreclosure where once the mortgage lien holders approve the Short Sale, the the homeowner will not be pursued for the difference. Also, under HAFA, the homeowner who participated in good faith will also receive relocation assistance at the close of the transaction.
On April 5th, new the HAFA changes are coming that affect Short Sales. Even though you can go online to see the participating banks, my staff has been literally calling each of the Banks to see if they are going to be ready by the launch date.
Just a few highlights:
Participating Banks were provided a streamlined process that you must follow, to the letter
Approvals are given within 10 business days
Buyers have a minimum of 45 days to close
Contracts and settlement statements will require specific requirements to be approved
Seller's may have to negotiate terms with second lien holders BEFORE requesting approval under this program
Contracts in your current pipeline will require a different set of documents and tools"
I look forward to this!
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