Home > HAFA > ~ HAFA Explained by Las Vegas Short Sale Agent closing Short Sales in Nevada

~ HAFA Explained by Las Vegas Short Sale Agent closing Short Sales in Nevada

HAFA Short Sale,Las Vegas Short Sale Specialist. – 702.482.7739 – http://www.ShortsaleinNevada.com – When Ready to sell your Las Vegas Home – if you owe more than the mortgage, we can help.Short Sales -HAFA (Home Affordable Foreclosure Alternative).

HAFA Explained

To give a quick summary HAFA is a streamlined process for home owners to try to get a loan modification on their property, if the home owner is denied on the loan modification then the bank will encourage a short sale and incentives it for the home owner.

Who’s Eligible?

* Have to live in the home or have moved out in the last 90 days due to a job transfer

* Delinquent on the mortgage now or in foreseeable near future

* Loan balance of $730,000 or less

* Only applies to your first mortgage

* Borrowers mortgage payment must exceed 31% of monthly income

** Note there are few more requirements but this is the majority of them…

Incentives

* $3000 given to home owner at the closing for a successful short sale

* Servicer on the loan gets $1,500

* Junior lien holders get up to $6,000 to release the liens for short sale

** Paid for by the U.S. Treasury**

Time Line For HAFA Process

* Bank has 30 days to approve or deny the loan modification, if denied short sale encouraged

* Borrower submits “short sale” package to lender

* Bank to review value of home and amount of money owed and establish what price to list home

* Borrower/Real estate agent has 14 days to submit listing paperwork to the bank

* Real estate agent has 120 days to get an accepted offer on the home

* Real estate agent has 3 days to get the offer to the bank

* Bank/Servicer has 10 days to approve or deny the offer

* Bank to give a minimum of 45 days to buyer to close

Banks Participating

Bank Of America

Chase

Wells Fargo

GMAC

Citibank

Many others

 

Contact The Ballen Group today to get help from an agent that specializes in your area.

The Ballen Group
Las Vegas Short Sale Specialists
3100 S. Durango #106 (At Desert Inn)
Las Vegas, NV 89117
(702) 604-7739

Las Vegas Short Sale Specialists
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KWLV………The 3D Experience. Determined, Dedicated, Driven @Desert Inn and Durango – Click the link below to find out more about Keller Williams Realty Careers.

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– If currently working with a REALTOR® this is not intended as a solicitation

Zip Codes Served: 89101,89102,89103,89104,89106,89107,89108,89109,89110,89111,89112,89113,89114,89115,89116,89117,89118,89119,89120,89121,

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Las Vegas Real Estate Agent – Homes for sale in Nevada – Short Sale Listings – Las Vegas Short Sales

 

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