Hi, everybody, Scott Fuller with East Bay Short Sale Group. We are your San Ramon short sale specialists. We get a lot of questions on what the HAFA program is. It’s the Home Affordable Foreclosure Alternatives Program. And that’s actually a program that was issued by the government a couple years ago, which can give some incentives to homeowners to be able to do a short sale. If their lender qualifies for it, and they participate in that program, like most Freddie Mac and Fannie Mae loans do, then the homeowner is able to qualify under certain restrictions on the program.
Some of the conditions on the program are that the bank determines the list price. The mortgage debt must be less than $730,000. The mortgage must be obtained before January 1st, 2009. And then some of the benefits of the program are actually that the seller can receive $3000 or more at the close of short sale. And also, it releases the entire mortgage debt. So there’s no recourse on the mortgage. Again, in California, we have provisions in place that keep people from owing any debt after close of escrow and short sale, as it is. But that’s an additional provision.
If you’re not sure what the program is, how to qualify for it, how to go about seeing if you can be approved for it, contact us. We can have a free consultation, talk to you about how the program works. We can be reached at www.EastBayShortSaleGroup.com. And we’ll be happy to have a free consultation to explain how the program works, and be able to get you started on the steps to find out if you can qualify and get you moving forward. Thanks a lot for watching.
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