This short sale home at 1243 Ego Dr. in Countryview Estates, Crestview Florida just sold using the HAFA program. What is HAFA? It is the "Home Affordable Foreclosure Alternatives" Program that is sponsored by the Treasury Department to help homeowners who cannot make their mortgage payments, need to sell and don’t have enough equity to cover the mortgage balance.
ARE YOU ELIGIBLE? You might be eligible for HAFA if your lender participates in the Home Affordable Modification Program (or your mortgage is underwritten by Fannie Mae or Freddie Mac which have slightly different qualifications). HAMP offers you the opportunity for assistance by lowering your payments or delaying payments to keep you in your home. You must meet the HAMP requirements as follows, to be part of HAFA, whether or not you choose a modification. These qualifications are:
1) You have missed payments or are about to default
2) The home is or was your primary residence
3) You got your primary mortgage before Jan. 1, 2009 and your balance is less than $729,750 (higher balance on 2-4 unit properties)
4) Your property can be vacant or rented up to 12 months prior to the Short Sale Agreement (SSA), as long as you can prove the property was the primary residence and have not purchased another home in the last 12 months.
5) You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.
The senior mortgage holder for this Crestview home was Bank of America. They outsourced their HAFA processing to a company called UTLS, but also use other vendors. The junior lien holder was HSBC. The short sale was approved in 90 days, and the sellers received a $3000 relocation credit. One of the other advantages of HAFA is that there is full waiver of deficiency.
1243 Ego Dr., Crestview Florida sold for $149,900
If you need a HAFA agent to help you with your Crestview Florida short sale, give me a call!
It's Wendy! Wendy Rulnick, Broker/Owner Rulnick Realty, Inc.
850-650-7883
