HAFA Update: Will it be a Game Changer for Short Sales?

http://TheShortSaleGenius.com

HAFA has been updated! But what is it going to mean to you, me and the homeowners we serve?

We predicted this in late 2009. HAFA has helped 661 homeowners as of the end of 2010. So seeing that the program wasn't working, there is an update in an attempt to jump start it.

First, they've waived the requirements for the bank to check the homeowner's finances and debt to income ratio. I'm not sure how big a deal this is to the lenders, but we'll see.

Second, they won't be dictating how the second lien will receive their cut, but the $6,000 cap is still in place. This may help for smaller second liens, but I'm not expecting much out of this.

Third, the bumped the time the banks have to respond to a HAFA short sale from 10 days to 30 days. We called it when HAFA was released; no bank that has any meaning is going to evaluate a file and APPROVE a short sale in 10 days. They just can't do it with the swamp they operate in. Knowing their internal expectations for the flow of a short sale, I'm going to say 30 days still is not going to make a difference, but I'm sure that wasn't the point.

Watch the entire video to hear our 2009 prediction of what HAFA would do. And no, we didn't call it a "GAME CHANGER". The bottom line is, real estate professionals must know what they are doing. The banks, the government, and even the organizations that are supposed to support us, won't be doing anything to really change the game...it's up to you!

Category:

Education

Tags:

• HAFA
• Short Sales
• Short Sale Genius
• HAFA Update 2011
• HAFA Update

[ryan0mg]

Thanks for taking the time to cut through the crap and get to the brass tacks of what this means to the guy on the street.