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Minnetrista Minnesota HAFA Foreclosure Information and Advice. Let us help you now, Call us at 612-508-4100.

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HAFA Foreclosure Information

Details of HAFA

HAFA was introduced to simplify and streamline the short sale process. HAFA accomplishes this in the following ways:

Compliments HAMP by providing viable alternatives for borrowers who are HAMP-eligible
Uses standard processes, documents and timeframes
Provides financial incentives to borrowers, servicers and investors
Requires that borrowers be fully released from future liability for the debt
Utilizes borrower financial and hardship information collected in conjunction with HAMP, eliminating the need for additional eligibility analysis
Allows the borrower to receive pre-approved short sale terms prior to the property listing
Prohibits the servicer from requiring, as a condition of approving the short sale, a reduction in the real estate commission agreed upon in the listing agreement

HAFA provides financial incentives as follows:

Homeowners qualify for $3,000 (updated March 26, 2010; was previously $1,500) in Borrower Relocation Assistance after a short sale or deed-in-lieu has been completed (may classify as taxable income in some cases)
Financial incentives for servicers participating in the program include up to $1,500 (updated March 26, 2010; was previously $1,000) servicing bonus upon completion of a short sale or deed-in-lieu
Financial incentives for investors include up to $2,000 (updated March 26, 2010; was previously $1,000) for those who allow a total of up to $6,000 in short sale proceeds to be distributed to subordinate lien holders. This reimbursement will be earned on a one-for-three matching basis
Lenders pay all servicing fees � homeowners have no out-of-pocket expenses

There are two additional documents which provide detailed technical information on data related to HAFA and the HAFA reporting procedures for servicers:

HAFA Data Elements (Exhibit D) is a series of tables detailing specific reporting procedure data for servicers. It is available at the end of Supplemental Directive 09-09 Revised.
The HAFA Data Dictionary is a spreadsheet in Excel format coordinating with HAFA Data Elements (Exhibit D) that catalogues all of the data elements and associated metadata for the program, including the names, definitions, allowable values, and data types. It also defines the functional areas where the data elements are being used.

For more information on servicer reporting procedures and requirements, see "Reporting Requirements" on page 14 in Supplemental Directive 09-09 Revised.

I keep hearing that the bank wants my home so they are going to push me into a Minnetrista Foreclosure. This is just not true, the bank does not want to make you a Minnetrista foreclosure. Banks want to do everything they can in most cased to make sure you are not a Minnetrista foreclosure. They would much rather have you do a Minnetrista Short Sale then end up as a Minnetrista Foreclosure.

I also hear people saying I received a Minnetrista Foreclosure notice; I have to move out by the Foreclosure sale. In Minnesota, you are now a Minnetrista pre-foreclosure. You will not be a Minnetrista Foreclosure until six months after your Sheriff's Sale.
If you do not short sale your home, bring your home current or redeem it then you will be a Minnetrista Foreclosure and you will need to leave.

Remember, If you have enough equity in your home, typically 60%-70%, there is a chance that you could still sell your home. Contact a Minnetrista Foreclosure Expert like Joe Niece at 612-508-4100. He can point out other options other then Minnetrista Foreclosure.

It you want to buy another home in the future, it is important for you to do something versus letting your home go into foreclosure. In some cases, you will be able to buy a home in half the time if you short sale you home versus letting it become a Minnetrista Foreclosure.

Minnesota Short Sale Information

Learn More about Minnetrista Short Sales

Minnesota Shortsale Hardship Letter Samples

Let a Minnetrista Minnesota Short Sale Expert help you now, Call Joe Niece at 612-508-4100.

E-mail Joe Niece about your situation

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