CactusCountryProperty

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If you are a homeowner in Phoenix, Scottsdale, Cave Creek,Peoria and Glendale or nearby areas and are underwater in your mortgage, you may have considered a short sale. Most people know that without the help of an experienced Phoenix realtor, this can be a lengthy and cumbersome process. However, there is now a program called HAFA (Home Affordable Foreclosure Alternatives) that may be the right solution for you.

If you, as a homeowner, cannot afford the loan modification program under HAMP and are having problems paying your mortgage, this new law should be of interest to you! Not only will it benefit you, it benefits the servicer and investor as well by providing incentives for participating; it also provides an alternative to foreclosure.

There are guidelines, and this program is not for everyone. HAFA went into effect on April 5th of this year, and allows home owners to participate in a short sale, if you have a mortgage with a participating lender. HAFA applies to those lenders who participate in the HAMP Mortgage Modification Program voluntarily. Fortunately, most major national lenders do participate, so this is not often a problem.

Home owners must still submit many of the same documents as is necessary in a traditional short sale, but once this step is completed you will find that the process is much quicker and more streamlined. Instead of waiting for months or even a year, you may find that your home is sold in a matter of weeks. If you believe you fit the criteria for the HAFA short sale, it is essential that your property be listed with a Certified Phoenix real estate agent who specializes in short sales. , It is necessary to enlist the services of a realtor; with HAFA, They require it.

Another fact about the traditional plan that rubbed many the wrong way is that the lender did not have to get in any rush to begin the process. In fact, lenders could take as long as they like to deny or approve the short sale. With HAFA, there are stricter time-lines that are much shorter, so the lender must begin the process at the time your home is listed with a real estate agent.

There are good points and bad points to everything, and the HAFA short sale is no different. If you believe that this program may apply to you, it would be in your best interest to contact a qualified Phoenix realtor today. Foreclosure is not the only option, and researching alternate solutions could possibly save your future.

Maureen Karpinski
Find your Phoenix Arizona Property at Cactus Country Arizona Homes & Properties