I had a real estate agent friend who pointed out that HAFA sounds like half the—yet a HAFA short sale is hardly ever half the time to complete as compared to a traditional short sale.
You may wonder about the HAFA short sale. Maybe you have heard about HAFA short sales in the news. Or maybe you have received mail advertising your ability to obtain a three thousand dollar incentive if you participate in a HAFA short sale.
A HAFA short sale is the sale of your home for less than the amount of your loan through a special government program. It’s true that there is an incentive for participating. That being said, HAFA short sales are not a dime a dozen. In fact, on December 14, 2010, HousingWire reported that only 662 HAFA short sales had been completed in the entire nation.
The good news is that the government changed its policies and procedures for a HAFA short sale as of February 1, 2011. The goal of these changes is to make the process more efficient so that more HAFA short sales can close.
For those of you who are interested in getting qualified for a HAFA short sale, the chart below (information courtesy of Bank of America) explains the differences between a HAFA short sale and a traditional short sale.
Differences Between a HAFA Short Sale and a Traditional Short Sale
{ 6 trackbacks }