HAFA Short Sales in Benicia means 1/2 of what?!?  It is so easy to throw out these acronyms when talking about short sales.  However the bottom line is what does it mean to a distressed homeowner with a mortgage they cannot pay for and the value of their home has dropped below what they can sell it for?

HAFA is Homes Affordable Foreclosure Alternatives, a government program that lenders opted into as of April of 2010.  And bear in mind, if your loan is a Fannie Mae or Freddie Mac, they have their own short sale HAFA guidelines as of August of 2010. These are programs designed to assist distressed homeowners with homes upside down.  There are several types of HAFA Short Sales. A homeowner can request approval prior to putting the home up for sale, when the home is listed but has no offer and when an owner does have an offer and requests HAFA consideration.

PLUS as of February of 2011 (coming soon), there have been some major changes to the HAFA Short Sale program.  Some of the important changes include a home can be vacant and the rule of a payment has to be more than 31% of your gross income to qualify is now gone.  Consult an experienced, knowledgeable Certified HAFA Specialist-REALTOR for all the information.

With a HAFA Short Sale you can ask for a preapproval letter to sell your home short (less than what you owe the bank) and possibly get relocation money.  This is not a complex process but is one that attention to detail, perseverance and patience is a virtue. 

Not every distressed homeowner is eligible for HAFA, however please do not give up, as there is always the traditional short sale process.  Experienced, educated, and knowledgeable Short Sale REALTORS will be able to explain fully all the alternatives to you.  This is always the homeowners decision what path to follow.  When consulting a REALTOR for advice, ask questions of how many short sales have they personally completed, what extended training/education have they taken, what can you expect during the short sale process, etc.  An experienced REALTOR will be able to quickly answer your questions and give you options for your situation.

Remember not just short sales in Benicia but HAFA Short Sales in Benicia!