Monday, September 19, 2011

How HAFA under the Dodd-Frank Act can help sellers

In an effort to keep you informed on current matters real estate, we recently met with one of our agents, Todd Hutchins, whose client is utilizing a program that may help sellers avoid foreclosure and potentially put money in their pockets.   

Today we take a look at HAFA, or the Home Affordable Foreclosure Alternative, which was implemented under the Dodd-Frank Wall Street Reform and Consumer Protection Act.  HAFA meets the needs of those who do not qualify for benefits under the Home Affordable Modification Program (HAMP).  Here are some services that HAFA provides to you…

Ø  Can relieve your debt while reducing the impact of foreclosure on your credit score
Ø  Short-sales approvals within ten days
Ø  Seller credits of up to $3,000 at closing
Ø  Your lender assumes your deficit

Todd Hutchins provided us with some vital considerations when mulling over HAFA.  Ask yourself, your lender, and your tax professional…

Ø  Will you have to assume debt?
Ø  Will there be tax consequences? 
Ø  Will you still owe money to your lenders?
Ø  How will HAFA impact your credit score? 
Ø  Do you have short-sale experience and are you working with an agent that does? 

Come see us at Coldwell Banker Triad, Realtors to discuss whether a HAFA sale could be right for you.  We’re Trusted Agents with the Right Tools to make Smart Decisions and are readily available to speak with you! If you have any questions, please call 336-748-5376.

-Jordan Schwall

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