When you choose to let me represent you in your real estate transaction you can have confidence that you have an agent that will be your agent every step of the way. My goals as your agent are to: establish a relationship by earning your trust, listen to your personal concerns and what your expectations are from me, create a plan and communicate throughout the entire transaction until our goal is reached. The next step is to educate my clients and make sure they are aware of the market conditions in our area. In order to accurately do that I attend contractual training and specific market training in our offices regularly. This enables me to stay up to date with current market trends and laws affecting real estate transactions. When you choose me as your agent, not only do you get the service I can offer but the service of my office as well. We put our clients and their needs first and do our best to be available for you.

In 2009, the Treasury Department introduced the HAFA program to provide a viable option for homeowners who are unable to keep their homes through the existing Home Affordable Modification Program (HAMP). The HAFA program takes effect on April 5, 2010—although some servicers may implement it sooner, if they meet certain requirement--and sunsets on December 31, 2012.

Home Affordable Foreclosures Alternatives Program: Guidelines and Forms 

HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification under the HAMP program. Servicers participating in HAMP are also required to comply with HAFA. A list of servicers participating in HAMP (including HAFA) is available at: www.makinghomeaffordable.com/contact_servicer.html.

HAFA Provisions

• Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.
• Uses borrower financial and hardship information already collected in connection with consideration of a loan modification.
• Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).
• Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).
• Uses standard processes, documents, and timeframes/deadlines.
• Provides the following financial incentives:
  • $3,000 for borrower relocation assistance;
  • $1,500 for servicers to cover administrative and processing costs;
  • Up to $2,000 for investors who allow a total of up to $6,000 in short sale proceeds to be distributed to subordinate lien holders, on a one-for-three matching basis.
• Requires all servicers participating in HAMP to implement HAFA in accordance with their own written policy, consistent with investor guidelines. The policy may include factors such as the severity of the potential loss, local markets, timing of pending foreclosure actions, and borrower motivation and cooperation.

For more info please view the National Association of Realtors Consumer Brochure in pdf. format available to view or download

by clicking on link here: HAFA Brochure - Alternative to Foreclosure 

Still have questions or just not sure?

Email me anytime: rich.pulido@prurealty.com