Replies to This Discussion

Permalink Reply by Sara Mehrpouyan Los Angeles CDPE on February 26, 2010 at 6:14pm

I think no one knows if and how this will work. Too new. I called BOA home retention and they knew nothing so we'll see...

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Permalink Reply by Joseph C. Alfe on March 8, 2010 at 1:39am

HAFA will only affect 10% of short sales. The reason being is that they hold lenders accountable, but not investors. problem 1 is that they prohibit deficiencies. Even if the lender agreed, the investors will not. 2, they only allow 1-3K to the second lien, with no right of deficiency. The second simply won't release and your SS goes no where. I was attended a discussion by BOA, Wells, and Freddie Mac and they are putting together a streamlined process that will mimic HAFA in many ways. We shall see.

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Permalink Reply by Ali Shassian on March 16, 2010 at 8:38am

Chase has info on this on their website. Does anyone know how the process works? Does the homeowner have to request a loan modification/or short sale before the home is put on the market or can you do this simultainiously? I have a client that would be perfect for this but uncertain if I wait to list the house as a short sale.

Ali Shassian, e-PRO
RE/MAX Town Centre
330 E Central Blvd
Orlando, FL 32801

Cell: 407-701-9699
Fax: 407-843-2033

Email: Alishass@aol.com
Website: http://alis.remax.com
Short Sale Help: http://hosted.cdpe.com/Ali

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Permalink Reply by Jan Baron on March 20, 2010 at 11:56pm

Ali, The Homeowner must go through the HAMP first and if they don't qualify for that, then proceed to HAFA. The loan can not be a Freddie Mac or Fannie Mae - they have just released their own version of HAFA called "Alt Mod" (Alternative Modification) for those who did not qualify for a permanent loan modification.

Ali Shassian said:

Chase has info on this on their website. Does anyone know how the process works? Does the homeowner have to request a loan modification/or short sale before the home is put on the market or can you do this simultainiously? I have a client that would be perfect for this but uncertain if I wait to list the house as a short sale.

Ali Shassian, e-PRO
RE/MAX Town Centre
330 E Central Blvd
Orlando, FL 32801

Cell: 407-701-9699
Fax: 407-843-2033

Email: Alishass@aol.com
Website: http://alis.remax.com
Short Sale Help: http://hosted.cdpe.com/Ali

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