IF you get approved for HAFA and close under HAFA short sale

HAFA is a deficiency free short sale that actually provides $3000 to sellers for relocation expenses. You have to qualify for the program and it does add significant time to the process. Some lenders will not participate and some investor do not participate.



To find out if HAFA is possible for you can call your lender. The person you speak to may not have all the information required to correctly advise you. They also cannot tell you over the phone if you WILL get HAFA approved. That process takes a while.



A HAFA short is done a different way than a traditional short. With HAFA you must fill out a packet for both HAMP (modification) and HAFA (sale) at once. The RDC or third party that facilitates HAFA and HAMP with your lender and investor work your information for a determination of approval. It’s very hard to and slow to get HAFA with Fannie Mae as the investor. Easier if it’s Freddie Mac. You must be late to be considered with Freddie Mac, not with Fannie Mae.

5 tips to ensure your home sells in the winter

It's not peak selling season, but these smart strategies will help you make sure your home looks good even when the weather is dreary.

The fall home-selling season is a lot like the college football season — both normally end around Thanksgiving, but a smaller postseason keeps going long after that.

It used to be that spring and summer were the hot times to buy or sell houses, but people are much more mobile now. If you want to sell your house these days, you don't necessarily have to wait until spring to put it on the market.

PLEASE avoid being the victim of a scam [Video to avoid modification scams]

PLEASE watch this video and DONT sign anything that seems to good to be true. DONT pay anyone for services!! If you are in trouble you are a target for scam artists. Unfortunately there are people that seek to take advantage of your unfortunate position. Help & advise should be free. If the person you are seeking help with tells you something that seems too easy or without risk you may be taken advantage of by their "solutions". The an sewers and solutions always come with risk, and effort. Please never trust anyone that you think is not telling you all the risks. I know you just want to keep your home and have the solutions be easy and feel good. That may not be possible. You need truth and real education on your specific fact dependant situation. Watch this video. If you want eduction on your situation you can email me confidentially. I wont pressure you to do anything, wont try to charge you for advice or information and will try NOT to have to sell your home if possible. below the video link is my email address and the things I need to know to answer your questions.

VIDEO- How to Avoid a Scam in Modifications

House Committee Advances Bills To Alter Dodd-Frank

WASHINGTON -- The U.S. House Agriculture Committee passed six bills Wednesday that would change aspects of the derivatives section of the Dodd-Frank financial regulatory law or other laws that affect the way regulators are writing the rules.

FORECLOSURE time line

Quick Facts

Judicial Foreclosure Available: Yes
Non-Judicial Foreclosure Available: Yes
Primary Security Instrument: Deed of Trust, Mortgage
Timeline: Varies
Right of Redemption: Yes
Deficiency Judgments Allowed: Yes

30 days-first late payment
60 days- legal letters begin to arrive, some may come from an attorney's office.
This IS NOT the start of foreclosure, just a warning.
90 days- NOD (notice of default) is recorded. Certified letter will be sent. the letter will either say NOD or substitution of trustee.
150 days a notice of sale will be posted. It will state the date of the foreclosure sale. It will be mailed certified mail and posted on the home.
180 days the home goes to sale. If sold at auction its processed by the servicer. If not it goes REO and is reverted back to the bank or investor on the note.

HAMP

You may be eligible for HAMP if you meet all of the following criteria: Home Affordable Modification Program (HAMP)
•• You occupy the house as your primary residence.
• You obtained your mortgage on or before January 1, 2009.
• You have a mortgage payment that is more than 31 percent of your monthly gross (pre-tax) income.
• You owe up to $729,750 on your home.
• You have a financial hardship and are either delinquent or in danger of falling behind.
• You have sufficient, documented income to support the modified payment.
• You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction

Your lender and investor must participate. The investor is the entity that supplied the funds for securing your loan. the servicer is the bank that services your loan. FHA, VA, USDA among others DO NOT participate in HAMP.

Thinking About Buying Your First Home?

Thinking about purchasing a home of your own? Keep these critical considerations in mind:

How long you plan to live in the home.
If you purchase a home and get a job transfer or decide to move after only a short time, you may end up paying money in order to sell it. The value of your home may not have appreciated enough to cover the costs that you paid to buy the home and the costs that it would take you to sell your home.

The length of time that it will take to cover those costs depends on various economic factors in the area of the home. Most parts of the country have an average of 5% appreciation per year. In this case, you should plan to stay in your home at least 3-4 years to cover buying and selling costs. If the area you buy your home in experiences an economic up turn, the length of the time to cover these costs could be shortened, and the opposite is also true.

How long the home will meet your needs.
What features do you require in a home to satisfy your lifestyle now? Five years from now? Depending on how long you plan to stay in your home, you'll need to ensure that the home has the amenities that you'll need. For example, a two-bedroom dwelling may be perfect for a young couple with no children. However, if they start a family, they could quickly outgrow the space. Therefore, they should consider a home with room to grow. Could the basement be turned into a den and extra bedrooms? Could the attic be turned into a master suite? Having an idea of what you'll need will help you find a home that will satisfy you for years to come.

Your financial health - your credit and home affordability.
Is now the right time financially for you to buy a home? Would you rate your financial picture as healthy? Is your credit good? While you can always find a lender to lend you money, solid lenders are more skeptical if your credit history is not good. Generally, a couple of blemishes on a credit report will make you a good credit risk and could qualify you for the lowest interest rates. If you have more than a couple of blemishes on your report, lenders like Quicken Loans may still provide you with a loan, but you may just have to pay a higher interest rate and fees.

Some say that you should refrain from borrowing as much as you qualify for because it is wiser not to stretch your financial boundaries. The other school of thought says you should stretch to buy as much home as you can afford, because with regular pay raises and increased earning potential, the big payment today will seem like less of a payment tomorrow. This is a decision only you can make. Are you in a position where you expect to make more money soon? Would you rather be conservative and fairly certain that you can make your payment without stretching financially? Make sure that whatever you do, it's within your comfort zone.