The great news is that the HAFA lease-back / buy-back
program is now up and running. What’s that you say? The HAFA lease-back / buy-back
program allows HAFA qualified sellers to
sell their house as a West Sacramento Short Sale, lease it back at at
just over fair market rents and have the option to buy back the property at a
predetermined price 3 years later. How can that be you say? What about arm’s
length transaction status?
Great question. With the recent HAFA revisions “Section 7.3
of Chapter IV of the Handbook requires that a short sale be an arm’s-length
transaction. This Supplemental Directive amends this restriction to allow
servicers the discretion to approve sales to non-profit organizations with the
stated purpose that the property will be rented or resold to the borrower, so
long as all other HAFA program requirements
are met. Servicers offering programs of this type must include program
descriptions and conditions in their HAFA Policy. Servicers must
retain in the servicing system and/or mortgage files the evidence provided
during the HAFA evaluation
demonstrating that the organization was a non-profit organization.
“Under these circumstances,
servicers must remove certain of the applicable “arm’s-length transaction”
requirements from the SSA, the Request for Approval of Short Sale and the
Alternative RASS. These forms will be updated to reference these changes and
will be available on www.HMPadmin.com.”
The challenge is going to be working
with the servicers individually and since this is such a new program know it
will take extra time to get the approval. There are program restrictions and
not every property or seller will qualify.
If this sounds like something you
would like to explore further, please do not hesitate to call me to discuss
your particular situation.
Is A West Sacramento Short Sale Right for Me? To get a
better idea of when your West Sacramento home will be worth what you owe,
log in to www.shortsaleandloanmod.info for a free estimate
or call me today for a free no obligation consultation or for the latest West Sacramento short sale information.
Call me today and sleep better tonight; you’ll be glad you did
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