Foreclosure in 92124>Question Details

sue treadway, Home Owner in San Diego County, CA

what is the gain for the realtor & note holder if the note holder has been accepted into the hafta program? my name is on deed only , I made

Asked by sue treadway, San Diego County, CA Thu Dec 23, 2010

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Carolyn -

There are some benefits to the seller, the original lender, and the agents is HAFA is approved.
If the owner/seller qualifies and is approved for a HAFA sale, they can receive $3000 for relocation expenses.
If the lender approves the short sale, they receive money from the government.
If the transaction is approved by HAFA, agents can receive a commission of 6% split 50/50 between selling and listing agent.

I have been able to get HAFA approval for sellers. The program is hit and miss and is very dependent on who actually owns the actual note. The lender or an investor.

Good luck,
CJ
1 vote Thank Flag Link Thu Dec 23, 2010
Carolyn, The HAFA process can be a long process. Typically the owner has to start with a request for a loan modification (HAMP) before going to the short sale process. If the loan modification doesn't work out, then owner can request a HAFA short sale. There is a method to go directly to the short sale but most lenders would prefer to attempt the loan modification.
If the lender processes it properly, this can be a simple process. However as with any new program there is a learning curve and many lenders are not staffed with enough trained personnel to handle the volume of short sale requests.
The Realtor gains a sale, the lender gets rid of a potential problem loan and the owner/seller can make a fresh start.
0 votes Thank Flag Link Mon Dec 27, 2010
Carolyn,
HAFA is an excellent program for homeowners experiencing difficult times. There are so many options and if you or someone you know is interested in alternative options to avoid losing a home to foreclosure, give us a call 858-222-3054.
My partner and I live and work in Scripps Ranch and we are more than happy to grab a cup of coffee and go over HAFA and the short sale process. We are 5 Star Certified and CDPE Realtors and are educated to help you get through these tough times.
We look forward to hearing from you soon!
0 votes Thank Flag Link Thu Dec 23, 2010
Hi Carolyn,

As you can see opinions do differ on this. HAFA is like the post office, it will depend who is helping us to be effective. Tierrasanta is unstable as far as pricing goes to boot. This program can and hopefully will help you avoid foreclosure. There really is no gain for the agent. My blog link is below. It covers many aspects of short sales,etc. Please contact me if you would like my help. If we do not speak, I hope everything does work out for you.
0 votes Thank Flag Link Thu Dec 23, 2010
Hi Carolyn,

The Realtor only ever benefits if a property sells, HAFA or not. If a lender gets money for approving a short sale, the property is more likely to sell - and close.

The benefit to the lender is government money, and money is what moves lenders!

Please let me know if you have any questions, or if I can help you in any way. I'm working today and tomorrow as usual.

Good luck, and Happy Holidays to you!
0 votes Thank Flag Link Thu Dec 23, 2010
HAFA can help everyone if the bank is willing to use the HAFA program. Some banks are very good, and others are not. Here is a website with some HAFA information. http://HAFAHAMP.NET Hope you get approved!
Let me know if I can help you in any way!


Joan Wilson (Realtor, SRES, Ecobroker, Certified REO, HAFA, and Short Sale Specialist)

Prudential California Realty
Direct Phone: 760-757-3468
800-975-7481 x 111
Fax: 760-946-7894
JoanWilson@prusd.com
License # 01341483

Blog: http://JoanWilsonRealtor.com


Find Your Dream Home:
http://JoanWilson.PrudentialCal.com


Know Your Rights Home Affordable Foreclosure Alternatives (HAFA) Program
http://HAFAHAMP.NET
Web Reference: http://HAFAHAMP.NET
0 votes Thank Flag Link Thu Dec 23, 2010
If HAFA is approved the realtor will list the property at the short sale price and receive a sales commission once the property is sold. The note holder will be able to convert a non performing asset into liquid asset.
0 votes Thank Flag Link Thu Dec 23, 2010
There is absolutely no gain to Realtor for going HAFA. HAFA is a joke. No one at the banks seem to know what the guidelines are. HAFA guidelines say they are supposed to respond in 10 days. That is how the government wrote it. What a joke. How can the government add a massive amount of guidelines and completely change the process (and require the borrower to try a loan mod 1st) and expect the time to reduce from 90 days to 10 days.
No benefit to the Realtor. I don't even see a benefit to the note holder. They get a couple grand of our tax payer dollars, but it's not worth the headache for them.
The only benefit is to the borrower. HAFA requires the bank give a
0 votes Thank Flag Link Thu Dec 23, 2010
There is absolutely no gain to Realtor for going HAFA. HAFA is a joke. No one at the banks seem to know what the guidelines are. HAFA guidelines say they are supposed to respond in 10 days. That is how the government wrote it. What a joke. How can the government add a massive amount of guidelines and completely change the process (and require the borrower to try a loan mod 1st) and expect the time to reduce from 90 days to 10 days.
No benefit to the Realtor. I don't even see a benefit to the note holder. They get a couple grand of our tax payer dollars, but it's not worth the headache for them.
The only benefit is to the borrower. HAFA requires the bank give a
0 votes Thank Flag Link Thu Dec 23, 2010
Hi Carolyn,

The gain for the realtor is knowing that they've helped a home owner through the process to avoid foreclosure with the HAFA process. It can be lengthy and alot of work, but well worth it when the home owner
has avoided foreclosure.

The note holder will avoid having a "Foreclosure" on their credit. Although any type of modification or short sale will affect their credit, it looks better to have worked with the lender rather than walk away from their responsibilities.

If there are issues with monies you used to help with the downpayment, I would recommend discussing with a real estate attorney.

Since there are many unanswered questions in your situation, and facts that would have to be looked at, you could contact a realtor direct and discuss your concerns. There's alot of "FREE" information that could be provided to you to help answer many of your questions.
0 votes Thank Flag Link Thu Dec 23, 2010
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