Posted by: Catherine | June 1, 2012

Need to short sale? Considering the HAFA Program? New guidelines spell good news!


Some good news in the HAFA short sale world.  HAFA was a program implemented to help homeowners “exit gracefully” after either a failed or declined loan modification, or for those that have circumstances necessitating a short sale.  The big incentive of a short sale for most in California is a 3,000 relocation incentive.  When it was first introduced, the other good news part of the program was the prevention of pursuit of any deficiency by your bank. Now our laws (SB931 and SB458) have prevented that anyway.

The new guidelines for HAFA short sales effective 6/1/12 are described in the HAMP directive 12-03. You can find a link to this directive at Contra Costa HAFA Short Sales.  

  • Investors can now qualify for a HAFA short sale.
  • If investor short sells, then the tenant may receive the $3,000 relocation incentive.
  • Second liens will be allow more money (up to $8,500)
  • Credit reporting is now a bit more predictable as outlined in the directive
  • Income ratios changed

Get all the Contra Costa Short sale news at http://www.DiabloValley.net.

You can also search homes for sale in Contra Costa and Walnut Creek area homes by clicking on the links.

Get Contra Costa housing market data at the links below:

Concord CA housing market

Walnut Creek housing market

Clayton housing market

and more . . . 

 

Contact Catherine Myers, Broker Associate for any real estate information you need for Contra Costa County!

DRE 01337828

925-683-2125

 


Responses

  1. Reblogged this on Contra Costa Short Sales, Catherine Myers.


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