MHA Request for Short Sale
Description
How to fill out MHA Request For Short Sale?
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FAQ
The Home Affordable Foreclosure Alternatives (HAFA) Program provides additional options to avoid costly foreclosures and offers incentives to borrowers, servicers and investors who utilize a short sale or deed-in-lieu (DIL) to avoid foreclosures.
Timing also differs: Short sales can take up to one year to close, while foreclosures generally move along much faster because lenders are intent on recovering the money they're owed. Furthermore, a short sale is far less damaging to your credit score than foreclosure.
Understanding the Short Sale / Deed-in-Lieu guidelines and application process. The HAFA program expired in December 2016 and is no longer available.HAFA provides protection and money to eligible borrowers who decide to do a Short Sale or a Deed-in-Lieu of Foreclosure.
The Home Affordable Foreclosure Alternatives (HAFA) Program provides additional options to avoid costly foreclosures and offers incentives to borrowers, servicers and investors who utilize a short sale or deed-in-lieu (DIL) to avoid foreclosures.
HAMP works by encouraging participating mortgage servicers to modify mortgages so struggling homeowners can have lower monthly payments and avoid foreclosure. It has specific eligibility requirements for homeowners and includes strict guidelines for servicers.
Step 1: Contact the lender's Loss Mitigation Department. Step 2: Completing the Short Sale Package. Step 3: Formulating the Hardship Letter. Step 4: Obtain Lender Approval to Sell. Step 5: Selling the Home.
Get a Property Valuation Analysis. Get a Hardship Letter. Contact the Lender for a Short Sale Application. Prepare the Sales Contract. Assemble the Short Sale Package Together.
Why Banks Would Prefer a Short Sale Over ForeclosureBanks are run like a business because they are a business looking to earn a profit. If it costs more to foreclose over agreeing to a short sale, the bank is very likely to favor the short sale.
A short sale is an alternative to foreclosure. A short sale prevents you from having to go through foreclosure and eviction. A short sale does make a smudge on your credit report but is much less traumatic to your credit than a foreclosure.