Bank of America HAFA Short Sale Program to Expire
I received an email today from Bank of America telling me that the Fannie Mae and Freddie Mac Home Affordable Foreclosure Alternative (HAFA) program will expire on December 31, 2012. Bank of America has established a cutoff date of December 14, 2012, for all Short Sale Agreements to be issued out to the borrower for files without an offer.
Bank of America advised that homeowners could still be accepted into the Bank of America HAFA short sale program if a fully executed Short Sale Agreement is received and uploaded into Equator on or before December 31, 2012.
Bank of America stated that files that do not meet the requirements above will be declined from HAFA participation and will then be considered for Bank of America’s Cooperative Short Sale program or a traditional short sale.
It is important to note that after December 31, 2012, Fannie Mae and Freddie Mac files can be initiated into the Cooperative Short Sale or traditional short sale process. Homeowners may be eligible for relocation assistance under these programs.
To summarize, homeowners can still short sell their homes if they choose. The only thing that is expiring is the HAFA incentive program that provided relocation assistance via a Cooperative Short Sale.
If you are considering a short sale please make sure that the Realtor you choose is familiar with the ins and outs of shorts sales. Of course, understand that every Realtor will tell you that they are familiar so be careful and perform your due diligence. If you do not know how to pick a Realtor read my blog located at http://sdshortsaleattorney.com/how-do-i-find-a-realtor-for-a-short-sale/ and learn all about what you should be looking for in a short sale real estate agent.
If you are located any in California, do yourself a favor and contact my office at 888-242-2272 or email firstname.lastname@example.org and I will provide you with a free consultation regarding your particular situation.