donnaattusca…, Home Buyer in Boynton Beach, FL

If I work with a realtor that specializes in short sales and knows I want a hafa short sale Why has he/she not indicated it on the contract Or

Asked by donnaattuscany, Boynton Beach, FL Thu May 23, 2013

Signed agreement. What do I do next.
They said they will have their people send it to me , that they thought it was sent out.. I am just concerned it should be somewhere in writing shouldn't it that I originally wanted a hafa loan.
He's he said its ok anyway you are insolvent and I thinks him. .. The spouse is not the seller is... But we originally said from the start we wanted a hafa short sale.
Can someone help me out because there is no guarantees we can get a hafa loan but how can we know if they don't act like they wanted to push the hafa loan. I know you can still get a deficiency but without this site I would never have known that you have to ask for the hafa loan to get it . What can I do to make sure the realtor is following through with this as I have not gotten any paperwork on it or anything written in the contract that I want a hafa loan even though I kept telling him over and over

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6
Donna,
If you are seeking a HAFA loan, this means you DO NOT want to sell your home you want to stay in your home. Now, if you DO want to sell your home and the HAFA issue is soley to avoid unearned income obligations with the IRS It is important for those of us reading your question to udnerstand what your 'end' game is, keep the house or sell the house and avoid the IRS bill.

If you DO NOT want to sell your home, there is no need for a real estate professional.
You will discover the HAFA loan is provided by your existing lender. You must inititate this activity.
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What you will discover is, if the HAFA LOAN or the banks alternative, does not include principle reduction, it rarely is a better deal for the homeonwer. This is why the majority of HAFAs eventually lead to a short sale.

As Danielle stated, you need to be having this conversation with those you hired to represent you.
Short sales are the most complex, illogical, convoltuted, opaque and unpredictable real estate procedsses ever imposed on the industry. Second guessing your agent and soliciting opinions from statngers who do not have access to the facts is a really bed decion.
1 vote Thank Flag Link Fri May 24, 2013
Why aren't you asking all these questions of your agent or their broker?

You can apply for HAFA before or after an offer. And if you want to see the documents visit the HAFA site: http://www.makinghomeaffordable.gov/programs/exit-gracefully…

The type of short sale program is not part of the listing or purchase contract. It is an agreement with your lender which may or may not be approved. Just because you "want" the HAFA program does not mean the lender will approve it. You have to apply.
1 vote Thank Flag Link Thu May 23, 2013
Donna,
I wish you the best with your transaction. As far as HAFA, that is something that the Lender will see if you are eligible for. When I contact a Seller's lender that is the first process you go through. You will complete an RMA, which is a request for modification, even if you do not want one. It is a standard form.
Hope all work out for you!
0 votes Thank Flag Link Fri May 24, 2013
Whether or not you are considered for HAFA depends upon your lender. Also, as stated below, you can get a waiver of deficiency on your non-HAFA short sale.

Todd Kevitch, Broker
BPO Realty LLC
tkevitch@bporealty.com
http://www.BurnedbyTheBank.com
http://www.SellingFloridaRealEstate.com
http://www.CasaCostaCondosForSale.com
http://www.BPORealty.com
0 votes Thank Flag Link Fri May 24, 2013
You should have asked that and clarified it before you listed the property with a Realtor, you did an inadequate job of interviewing and chosing representation. At least you should have asked what other alternatives are available and not put all your eggs in the HAFA basket. Anyways these are questions you should be brave enough to ask your Realtor rather than asking here where no one is a party to your agreement and cannot interfere with your listing agreement.
0 votes Thank Flag Link Fri May 24, 2013
If you are worried about a deficiency or tax consequences, you can get a waiver on a non-hafa short sale and if you are short selling your homestead property you will not have tax liability on a first mortgage. Basically, what seem to be your concerns with wanting a hafa short sale, can be alleviated with a non-hafa short sale. Plus you may not qualify for the hafa
0 votes Thank Flag Link Thu May 23, 2013
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