Hello, Jason Zweigle here with ShortSaleSlayerz.com, we’re one among Orangevale’s leading short sale teams. I wanted to talk today about the Bank of America HAFA short sale. Many of us on the market don’t really know what a HAFA short sale is, and it’s basically a federal government backed short sale plan that many of the banks that participated in TARP also take part within the HAFA program. The HAFA program follows some federal tips, some financial institution or servicer pointers, and a few investor guidelines. So, it may get a bit bit complicated. On the whole, there are methods to do a short sale with the Bank of America HAFA program.
The consumer or the agent can apply to get a pre-authorised HAFA short sale, and I believe this can be a enormous mistake, and it is why the HAFA short sale has such a bad name out there. Basically a shopper or agent goes to the bank and tells them they wish to do a short sale. The bank thinks that’s nice and requests some financial data they usually’ll send out their mortgage agent or appraiser to offer a fair market worth for the home. There’s the issue right there. They want to set up the worth of the house they usually aren’t the principle within the transaction, in order that they shouldn’t be dictating the sale worth of the home. They’re going to send somebody out and more often than not, they’re going to tack on 20% on top of that list value or that prompt record value and then provide you with one hundred twenty days to sell the home. For those who do not sell it, then they’re going to do a deed in lieu of foreclosure or foreclose. This isn’t a good option.
The way we strategy a HAFA short sale with Bank of America, is that we go within the back door. We’ll initiate your short sale with Bank of America as a traditional short sale. We’ll sign an inventory settlement with you, and we’ll establish truthful market worth in your home after which checklist the property. Then as soon as we have a proposal, we are going to submit that supply to the bank and request a HAFA short sale approval. The wonderful thing about the HAFA short sale approval is both lenders must agree to the short sale and has to agree to forgive you of any remaining balance or deficiency.
On top of that, they will also supply $3,000 to you the vendor for transferring expenses at close of escrow that’s paid right from the title company when the deal closes. We’re ShortSaleSlayers.com, one in every of Orangevale’s main short sale teams. I’ll expand extra on this in my half two video. Thanks lots and have an amazing day.
Do you need to sell you home or are you underwater and can’t make your mortgage payments? Jason Zweiglye and the Short Sale Slayerz can answer your short sale questions. We are California Short Sale Specialists.
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