Ann Arbor Real Estate News: HAFA
This week, the big Real Estate newsmaker is a government program called Home Affordable Foreclosure Alternatives (HAFA). As of Monday, April 5th, the Treasury Department released this new directive as an addendum to the Home Affordable Modification Program (HAMP). HAFA provides incentives to Servicers(Banks) and Borrowers who utilize a short sale or deed-in-lieu to avoid a foreclosure on an eligible loan under HAMP.
Some of the new benefits of HAFA:
- Servicers may not require a cash contribution or promissory note from the borrower.
- Requires that borrowers be fully released from future liability for the debt.
- Allows the borrower to receive pre-approved short sale terms PRIOR to listing the property.
- Short sale timelines are being tightened significantly for HAFA participants, so it will alleviate the lengthy process now stigmatizing short sales.
To learn more about the program, eligibility criteria, and how it may affect the future of the real estate market in the Greater Ann Arbor Area, contact us! We have trained Realtors who are ready to answer your questions and guide you through the Short Sale process. We know the paperwork, the expectations, and the pitfalls of working with the banks. We will work diligently to make sure that the process is as low stress as we can make it.
As always, we are here to assist you with any of your home buying, home selling, rental or other real estate needs. Call us at 734-747-7500 or 734-747-7700 weekdays, or 734-660-0105 evenings and weekends. We’re also available via email at info@prusnyder.com or online at www.prusnyder.com anytime. Choose Prudential Snyder and Company for the best Ann Arbor Realtors!
Tags: Ann Arbor, deed-in-lieu, Distressed Homes, HAFA, HAMP, Home Affordable Foreclosure Alternatives, Home Affordable Modification Program, home buying, home selling, Real Estate, Realtors, rental, Short Sale, treasury department
