HAFA specialist agent and HAFA forms for Niceville, Crestview, Destin, Fort Walton What is the paperwork required for HAFA for Bank of America, Chase, Citi. transfer paperwork, and coordinate between email to hamp_servicingtransfer @ HAFA. Servicing. Transfers. Reporting a. HAFA Short Sales: U.S. Treasury, Fannie Mae, and Freddie Mac Programs. 4. MODULE 1. . servicer is the entity that processes all paperwork and approves or.

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For example, the listing period must be a minimum of days and can be extended up to a maximum of one year.

We are here to help you successfully navigate this situation. We understand that real estate law can be confusing. In this option the lender allows you to give your title back to them which transfers ownership back to them.

In a short sale the lender allows you to sell your house for less than the amount that you still owe them. Real Estate Attorney Ranj Mohip. Use this website as a guide to find the services that you think are right for you. Though guidelines say that borrowers papewrork be notifi ed in a timely manner whether a sale hasBeen approved, Malakouti said it took more than 20 days for paperwirk a response.

The second option is a short sale.

HAFA Short Sale Attorney Chicago Illinois – Ranj Mohip

Prospective buyers will know where they stand in a possible deal. Some observers expect HAFA to gain momentum over the next six months. Second lien holders also can gum up the process. In either option the HAFA program provides home owners options that help you through the transition. The remaining amount is guaranteed to be waived.

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You are not responsible for the amount that falls short in the payment from the short sale. In the HAFA program you will have much less impact on your credit score than a traditional short sale would have.

You will feel secure and confident in our abilities. Some people familiar with HAFA have observed communication breakdowns, slow responses, and a lack of adherence to guidelines. As with any complex program, education is key. He anticipates it being six months before lenders get up to speed on the program. Adhering to timelines was another diffi culty. In this program you are able to get free advice from HUD-approved licensed real estate professionals and housing counselors.

Count on our team to listen to your goals and concerns. Follow up aggressively and be sure lenders are treating and continue to treat your sale as a HAFA transaction, rather than a regular short sale.

California Real Estate – September 2010

The first option is a deed-in-lieu of foreclosure. This page can be found at http: Consumers, for paperworkk, likely will gain greater awareness of it. And homeowners may walk away from properties with fewer woundsAnd without having their dignity shredded.

Such skepticism is well grounded, according to Robert Malakouti, who successfully completed one HAFA short sale and has two in progress.

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We aim to build lasting relationships with our clients and to exceed their expectations. Keep an eye out for incomplete applications and paperwork, particularly information concerning relocation money due to homeowners. After submission of an executed purchase contract, servicers must approve or disapprove a sale within 10 business days. Be prepared to provide guidance to the lender about what HAFA is, how it works, and the timelines involved.

For one, she questions whether lenders, who right now can sit on decisions for months, will retool in a way that will enable them hsfa make speedier decisions and actually streamline the papeework. It changes the whole game. You have two options in the HAFA program.

We will address your issues and answer all of your questions. ;aperwork HAFA program is different from traditional short sales because it completely releases you from your mortgage debt. Churchill ticks off an array of benefi ts to real estate practitioners, including: Frontline offers an array of HAFA education and resources.

Published by California Real Estate. After all, there are literally hundreds of pages of HAFA rules and guidelines to digest.