HAFA Explained in Just 2 minutes, 30 seconds!

HAFA Explained in just  2:30 Minutes

About HAFA

  • First Introduced: November 30, 2009
  • Active On: April 5, 2010
  • Overseen By: US Treasury Department
  • Offers cash incentive of $3,000 to Homeowners
  • Administered By: Fannie Mae
  • Regulated By: Freddie Mac
  • Executed By: Participating lending institutions via Fannie Mae
  • Participating Program(s): Home Affordable Modification Program (HAMP)
  • Expiration: December 31, 2013

HAFA’s Focus:

Aids eligible homeowners by pre-approving short sales before listing and releasing them from future liability for the first mortgage debt.

via HAFA – Introduction | CDPE – Certified Distressed Property Expert®.

Important Note:

California law prevents lien holders on a Short Sale property from obtaining a deficiency judgment against the Homeowner after a completed Short Sale.  This includes the 1st, the 2nd (HELOC), and junior liens.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s