Posted by: Catherine | July 21, 2012

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

Contra Costa Short Sales, Catherine Myers

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)

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