The concept of a home foreclosure isn’t something most borrowers think about when they first purchase their home. Unfortunately, the possibility is real, and the bank’s foreclosure action can cause numerous ugly financial ramifications.
A short sale is basically selling a home for less than it’s worth. It’s a distressed sale, and it should only be performed as a last resort. HAFA Short Sales are the exception to this rule, and it can provide borrowers suffering hardships with well needed support.
With a non-government backed short sale, a borrower would be responsible for paying any deficiencies between the amount owed and the amount the property was sold. With the federal government’s Home Affordable Foreclosure Alternative (HAFA) short sale program, borrowers are forgiven for any remaining loan deficiencies.
This is a great program, and it can help to alleviate the consequences of a defaulted loan, specifically creditor harassment and the negative impact on a credit report.
A Few Quick HAFA Short Sale Benefits:
Borrowers will need to qualify for this federal program. Following are a few of the requirements, but a foreclosure specialist should be used to guarantee eligibility.
HAFA requirements for eligibility
To find out if you are eligible for a HAFA Short Sale in Utah or should you have any questions about the services we provide, contact us by Phone at (801) 432-8682 or email.