Times are tough for families trying to hold onto to their  homes.  We are committed to providing information that helps keep families and communities strong.   Below is a list of useful sites.  If you don't find information that answers your questions, please contact us.

Keep My Home Information

Home Affordable Foreclosure Alternatives Program. (HAFA)

This program was designed to help homeowners who qualified for a loan modification under the Home Affordable Modification Program (HAMP) but are now considering a short sale because they  cannot afford to keep their homes.  The HAFA programs does two things- streamlines and simplifies the short sale process as well as adding financial incentives for loan services to complete the transaction.

The process is streamlined by allowing borrowers to receive pre-approved short sale terms before listing the property and permitting the use of a borrower's hardship and financial information from their modification request. The 46 page document requires that servicers use standard processes, documents, and timeframes/deadlines.

Borrowers are provided protection from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed.)  To help insure that the transaction is completed, the servicer is barred from requiring a reduction in the real estate commission.

HAFA also provides financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to $1,000 for investors for allowing a total of up to $3,000 in short sale proceeds to be distributed to subordinate lien holders (on a one-for-three matching basis)

Any loan servicer participating in the federally sponsored modification program, HAMP, are also required to comply with the HAFA program.

The program does not take effect until April 5, 2010,  and runs until December 31, 2012.  Servicers may implement it before then if they meet certain requirements.

*HAFA applies to loans owned or guaranteed by Fannie Mae or Freddie Mac.

Do  you have questions about loan modification, government programs, paperwork you received from you lender or anything related to real estate?  Email us.  No hype.  No hard sale. Just solid information.  If we can't answer your question, we will find someone qualified who can.  



For World Savings Bank and Wachovia Home Mortgage Borrowers

The mortgage assets of Wachovia Home Mortgage and World Savings Bank, were acquired by Wells Fargo Home Mortgage. Your mortgage lender has recently dedicated additional resources and streamlined the short sale process.
Surprising Facts about the Wachovia Short Sale Process*:
1. Wachovia does not require that you have a history of late payments to qualify for a short sale.
2. Wachovia closes the average short sale in 45 days.
3. Wachovia encourages homeowners to pursue short sale over foreclosure.
4. Wachovia is approving 80% of short sale proposals.
If you have considered foreclosure or a short sale, contact the East Valley Team.  We have been   trained by Wachovia in the most effective ways to process a short sale.  We can explain how your lender has shortened their response time and eliminated the need for piles of documentation.

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