A critical detail a lot of sellers miss when I speak with them regarding the Home Affordable Foreclosure Alternatives program (HAFA) is if the lender has sent a letter inviting
them to do a HAFA short sale, they have 14 days to respond to them or they do not have to allow the seller to do a HAFA short sale! I don't feel that lenders want to be restricted by these HAFA regulations so more often than not they use this as an excuse not to do it. Most sellers I speak to weren't even aware they got this "invitation" from their lender.
Another consideration for those lenders still willing to do it is if
they are about to start a foreclosure, some lender’s guidelines to their servicers
prohibit considering the property for a HAFA short sale if the
foreclosure process has started. Also, if the foreclosure is less than seven business
days away, some servicers will not stop the foreclosure, relying on the
wording in the Making Home Affordable Manual concerning Escalation
Cases where they do not have to stop the foreclosure if it is less than 7
business days away. As a side note, if you have a Fannie Mae loan, you
need permission from Fannie Mae (not just the servicer) to start a HAFA
short sale if the foreclosure sale date is 60 days or less in the
future.
Sep 6, 2012
Jun 24, 2012
New updates for short sales
The HAFA Program has been extended until December 31, 2013, but
must have a closing date on or before September 30, 2014.
Vacant properties are not eligible for the HAFA relocation
assistance.
HAFA relocation assistance of $3000 will only be paid to an owner or tenant that is currently occupying the property (not vacant).
The second lien maximum has been increased from $6,000 to
$8,500.
Feb 14, 2012
Homestead Exemption Deadline Approaching!
The deadline for filing is March 1,
2012.
Each county has
its own requirement, so please contact your local property appraiser office for details.
Here are the
links for Broward, Palm Beach and Miami-Dade County:
Jan 23, 2012
Get $2000 from the City of Sunrise
The City of Sunrise is now reimbursing homebuyers up to $2,000 for select
improvements to a newly-purchased single-family foreclosure or short sale
home. Under this New
"Homebuyer Incentive Program", the City seeks to attract new residents to Sunrise
- and benefit existing residents by helping to improve the appearance and
property values in their neighborhoods.
The New Homebuyer Incentive Program is administered by the
Redevelopment & Grants Division of the City of Sunrise Community Development
Department. In order to claim a rebate,
homebuyers should:
•Get pre-qualified for a conventional, fixed-rate mortgage or FHA
mortgage
•Work with their Realtor® to find a single-family foreclosure or
short sale in Sunrise
•Get pre-qualified for the City’s New "Homebuyer Incentive Program"
grant
•Purchase the foreclosure or short sale for use as their primary
residence
•Make one or more eligible improvements (including landscaping
improvements, exterior house painting, roof replacement, or installation of
energy-efficient appliances)
•Submit their supporting documentation to the City of
Sunrise
Website Details Here: http://www.sunrisefl.gov/index.aspx?page=558
Jan 2, 2012
FHA flip waiver extended through 2012
Happy New Year everyone!
We start off the year with some good news, for the second year in a row, the Federal Housing Administration is extending a temporary waiver of its "anti-flipping" rule, meaning home buyers can use FHA-insured financing to buy homes that have changed hands in the last 90 days such as those sold by investors.
This waiver is important for our recovery as it allows investors seeking to rehab and flip the huge influx of distressed homes expands the pool of eligible borrowers to include those relying on FHA-backed loans popular with first-time home buyers
In extending the waiver through 2012, FHA still requires the transaction to be arms-length. In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will apply only if the seller can document the justification for the increase in value which is also typical.
We start off the year with some good news, for the second year in a row, the Federal Housing Administration is extending a temporary waiver of its "anti-flipping" rule, meaning home buyers can use FHA-insured financing to buy homes that have changed hands in the last 90 days such as those sold by investors.
This waiver is important for our recovery as it allows investors seeking to rehab and flip the huge influx of distressed homes expands the pool of eligible borrowers to include those relying on FHA-backed loans popular with first-time home buyers
In extending the waiver through 2012, FHA still requires the transaction to be arms-length. In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will apply only if the seller can document the justification for the increase in value which is also typical.
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