short sale news HAFA

 

HAFA is Now Paying up to 10K in Relocation Assistance to Short Sale Sellers!

HAFA is the government short sale program that benefits short sale sellers because of two keys factors:

1) Automatic waiver of deficiency judgement

2) They pay relocation assistance to help sellers move.

HAFA has always paid sellers 3K for relo assistance and starting on Jan 1 they will pay sellers up to 10K in relocation assistance who close on or after Feb 1, 2015. This is a huge increase and will allow a lot of our sellers to have money in their pockets to move, put down a security deposit and first month’s rent and breathe more easily. Let us know if you’d like more information on this program!

There is a list of requirements to meet to be eligible for a HAFA short sale but if you meet the following stipulations, it is definitely worth a fight to get into this program.

– The first lien (the first loan on the home) must have been originated before January 1st, 2009.
– You must currently be delinquent on mortgage payments.
– The current unpaid principal balance may not be more than $729,750.
– You mush be able to document a financial hardship.
– The borrower must be a “natural person” – not a corporation, partnership, or other business entity, etc.

The link below explains more of the new great changes to the HAFA program.

HAFA increases incentive to $10,000

 

If you live in Northern Virginia/Dc/Maryland Metro area and are looking into the short sale process or wondering if you would qualify for this program, we would love to help answer your questions. Please give our team a call!

Jennifer Young Homes

Keller Williams Realty

(703) 774-9572