HAFA - Foreclosure Alternatives in Nashville Real Estate

HAFA, Home Affordable Foreclosure Alternative, is a federal program designed for those who cannot afford their mortgage and want to avoid a foreclosure. Financial incentives are offered to both lender and borrower when they complete a HAFA short sale or deed in lieu of foreclosure.  The borrower must exhaust all possible loan modification options presented by the lender and the mortgage must meet certain criteria.    The benefits of a HAFA short sale are the lender approved list price, all deficiencies are waived by the program, the program starts before the property is listed and the borrow automatically qualifies for a deed in lieu if the home does not sell.

Bank of America has taken a lead in continued improvement of the short sale process with the integration of the Equator platform. Equator is an asset management platform used by many lenders that has a module for Bank of America short sales and the HAFA program.  The Equator management system is task based and greatly improves the communication between the agent and the lender.   We have experience with Bank of America Short Sales and the Equator platform.  If you have any questions or think that you may qualify for HAFA, please do not hesitate to contact me.

Discussion

#1 By Jane A. Knight at 7/17/2017 6:30 AM

If anyone out there is considering a short sale I found this calculator to be quite useful. Thought I’d share it with you all. Thanks! Jane

http://www.homeloanacademy.com/home-loan-blog

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