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HAFA – Home Affordable Foreclosure Alternative – Even More Information

April 13, 2010

If the servicer has not already discussed a short sale or DIL with the borrower, the servicer must proactively notify the borrower in writing of the availability of these options and allow the borrower 14 calendar days from the date of the notification to contact the servicer by verbal or written [...]

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Even More HAFA (Home Affordable Foreclosure Alternative) Information

April 12, 2010

It is important to note that lenders are not required to participate in the Making Home Affordable Program, and those which choose to participate have their own internal guidelines for how the program works within their company. In order to determine what internal guidelines are offered through your client’s lender you [...]

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HAFA (Home Affordable Foreclosure Alternative) Qualifications

April 10, 2010

I’ve been fielding calls about the HAFA program for the last month and it’s so unfortunate that the “powers that be” decided to market this program so heavily but did not decide to use their “power” to inform the public. Here’s a quick run down of the qualifications:

You must be 60 days behind
Your home [...]

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HAFA – Home Affordable Foreclosure Alternative – Video to Realtors

April 8, 2010

Understanding HAFA is going to take some time from Realtors and home owners alike. What this video fails to mention is that only 30% of the loans out there would even be eligible for this program. The shocking part is that what % of that 30% actually qualify by being behind 60 days [...]

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Citi Short Sales | Citibank – Atlanta GA

March 30, 2010

Citi or Citibank short sales are very simple when you know what to do.  They have their own set of forms to fill out and they process very quickly once you have those forms.  The forms can be found on their website or simply have them faxed to you by calling your bank.  The bank [...]

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Short Sales Aren’t Short or Simple

March 24, 2010

Short Sales can be really simple, or very complex. Let’s us a real life example of a short sale we are working on with Suntrust.
In this example, Suntrust is just a servicer, while another “investor” is holding the “investment”  Suntrust takes orders from this investor which can delay the process significantly.   This situation [...]

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You HAFA learn about HAFA

March 23, 2010

The HAFA (Home Affordable Foreclosure Alternative) programs is going to be rolled out on April 5th and there’s a lot of hub-bub about it.  Let me ask you, did you remember or notice the HAMP plan?  Probably not.  Home Affordability Modification Program was a failure.  With good intentions, the servicers found out ways to get [...]

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Short Sales Affect Your Credit

March 10, 2010

You probably know by now that completing a short sale is much, much better then giving up and quitting and letting the bank take the home via foreclosure.  You probably also know that although, much better than a foreclosure, the short sale will affect your credit.
What you probably don’t know is that in most cases [...]

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Wells Fargo Short Sale Video

March 2, 2010

We recently recorded a video (got to learn how to use a mic) about a Wells Fargo Short Sale. Here we go into why we like Wells Fargo Short Sales.  Wells Fargo is the most consistent of the banks we typically deal with.  They also seem to be the most lenient when it comes [...]

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The Bank’s View

February 25, 2010

It’s important to understand the bank’s viewpoint.
BPO (Bank’s Appraisal is High)
They think the home is worth more so their REO comparisons have a “happy ending.” Meaning, they think they can resell the home for more then your offer.
You Want More Closing Costs so You Increase The Price (the Net to Seller Remains the Same).
They believe [...]

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