The Home Affordable Foreclosure Alternatives (HAFA) is a relatively new government program designed to streamline the short sale process in order prevent the increase of foreclosures. If you are in the process of looking a more affordable housing alternative, you may consider listing your house as a West Chester short sale under HAFA.
If your home is listed as a West Chester Short Sale under HAFA, you are entitled to work with HUD-approved real estate professionals and housing counselors to make sure that you are making the right decision on your property. You can also be completely forgiven of deficiency debt after the sale of the West Chester short sale.
One of the greatest benefits of the HAFA program for a West Chester short sale is that you get to work with the lender to establish a suitable price for the home. The seller is then aware of the lowest price that the lender will accept. If a buyer puts in an offer at or above this price, the lender is obligated to accept this offer. It definitely makes the process move a lot more easily because it takes the guesswork out of the offer acceptance process.
Finally, the HAFA program may also provide $3,000 in relocation assistance to help the seller get moved into more affordable housing.
To take advantage of the HAFA program for a West Chester short sale, you have to be able to prove your financial hardship. The home must have owned for over a year. Your first mortgage is required to be in a specific price range. You have to have a record free of felony charges related to the real estate market such as fraud, laundering, or tax evasion.
The HAFA program offers many benefits for a West Chester short sale. It allows sellers to be able to relocate without the huge time commitment and high amount of risk.