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Thursday, December 30, 2010

HAFA Short Sale Update - by Temecula Short Sale Specialist.

HAFA UPDATE, from your Short Sale Specialist. 
A good and major rule change to HAFA. Prior to now to be eligible
for the HAFA program you were required to be occupying the property. news
If you had to relocate or rent the home,you did not qualify! 
Here's the new verbiage.... 

To be considered for HAFA, the property currently must be or recently must have been the borrower’s principal residence. A property that has been vacant or rented to a non-borrower for not more than 12 months prior to the date of the Short Sale Agreement (SSA), Alternative Request for Approval of Short Sale (Alternative RASS) or DIL agreement (DIL Agreement) is eligible for HAFA, so long as the borrower provides documentation that the property was such borrower’s principal residence prior to relocation and such borrower has not purchased a one- to four-unit property during the 12-month period prior to the date of the SSA, Alternative RASS or DIL Agreement. The borrower’s reason for relocation does not need to be connected to re- employment or transfer of employment. Also, there is no longer a minimum distance requirement. Servicers are not required to verify the number of miles the borrower moved from the property.

I have put a link to the complete HAFA update on my site


Temecula Short Sale Agent, Cyber Sid at your service,Short Sale QR Code

Sidney Kutchuk  AKA...Cyber Sid
CALL ME, 951.215-6745 cell

 41720 Winchester Rd #I  Temecula Calif. 92590      951.676-4663    DRE# 01156692 

Posted via email from Temecula Short Sale Specialist