Shortsalenurse's HAFA Blog

March 18, 2010

HAFA Letters, Notice to Intent to Accelerate

The Short Sale offers are starting to arrive from the banks.  In the last week I have seen documents from lenders where they are offering to “Short Sell” the property. For all intensive  purposes the letters or noctices  follow the mandated “Hafa Protocols”  which become official in a few days (April 05, 2010).

First lets talk about one of the things that are I am seeing,  a  “Notice of Intent to Accelerate”  this is what my attorney used to call a “Barking Dog Letter”    it falls short of any official action against the property which is required in law, but the letter if well written can open doors that may allow the parties to take  more formal actions.   This is not correspondence to be ignored but it is not  the “NOTICE OF DEFAULT” and appointment of a Trustee Sale Date.  If there is any confusion about this and you want to get this from someone that has not interest in any thing but telling you the truth , many times you can get advise  from HUD Approved Housing Counselors, like the HOC in San Diego.  

The interesting thing about the last “Notice of Intent to Accelerate” that I read was that on the second page it offers the client the opportunity to open up discussion to “Short Sell” the property or even deed the property back to the bank in lieu of foreclosure.  These are in fact the same basic steps that are laid out in “HAFA” and are sligghtly different  form letters than I have seen in my 20 years of industry experience.

I know this can sound complex and it even confuses many Real Estate professionals.  So if your shopping for a Broker you may want to make sure that they can answer the basic “HAFA” questions that are posted at www.HAFA.US.   Of course everyone at the Short Sale Nurse Team can answer all the questions.

This article was written by George Kenner, Broker Associate                  Lic. 01229951

All Marketing is done with the Assistance of Kalablash Marketing             “good night Mrs. Kalabash where ever you are.”         

March 17, 2010

Short Sales Going Digital to Accomidate HAFA

The industry is getting ramped up for the “HAFA” short sale rules and are going digital.  April 05, 2010 is coming at us very quickly “HAFA” and all demands the new rules are  going create will  be hard to accommodate all at one time.   Bank of America seems to have a jump on the HAFA by utilizing a system supported at www.Equator.com.   This is a digital information platform that will allow the Bank, Realtor and home seller to all look at the progress of the transaction at the same time.  (of course we at Short Sale Nurse are already using the system)

This should allow the banks to move more quickly through the work load.  Speaking of workload there does not seem to be any movement to the problem easing.  In fact some experts are saying that the shadow inventory and defaulting property program is growing.  The experts are saying that the real numbers may never come out of the data shadow.

Here is the logic of the experts.  Foreclosures can be tracked by public records but “short sales” can be hidden on bank balance sheets.  The distressed short sale will show in public records just like any other sale.  Maybe this is a good thing.  perception of our market needs to change.  The cloud over our economy is one of attitude, if we think nothing is getting better it will do just that , not get better.

The street market trend I am hearing from my clients is that they are just considering walking away even when they can afford their payments because they have no equity and can not see things coming back.   There it is again the “see” word,  its one of perception.

Nothing is going to be the end all, cure-all but “HAFA” in my opinion will bring some logic to the market.   It makes more sence to short sell than foreclosure.   I know my clients would all like one more view of a loan modification or some other work out plan.   Go to www.hafa.us to read the 10 most important client questions answered straight from text of the Treasury Department program.

 

All Marketing is done with the assistance of Kalabash Marketing             “good night Mrs. Kalabash were ever you are!”

March 9, 2010

Short Sales are Going to Be Controled by HAFA

The “Short Sale” story is continuing and the main stream media is following the action.  In just the last few days what has been known to the Real Estate Industry since October of 2009 is now working its ways into print and our computer screens.  The news is all centered on the “HAFA” Program.  (link to offical document)

HAFA will go into effect on April 05, 2009 and the major Banks are all preparing to deal with the program.  The important protocols  are,  all mortgages  will be evaluated for a loan modification and if that is not possible they will be offered and opportunity to short sell their property.

Ten of the most popular questions about HAFA / HAMP  have been posted at www.HAFA.us and the answers to the program are taken right from  Supplemental Directive 09 -09 that are the rules written by the Treasury Department.  There are also some news links about the HAFA program at this www.HAFA.us  ( news link ) I have found that links to the media are very valuable to people that are evaluating the program.  Mistrust is running rampant with all the hollow promises / or statements of things are getting better.   I have seen some bright rays but when your losing your home or are dealing with a situation that you had no way of seeing coming you want one thing,  the TRUTH.  Now that I think about it you may want two thing, the second being, the help of the professionals at Short Sale Nurse. Com

 Article was written by George Kenner , Lic. 01229952

All Markeing is done with the assistance of Kalabash Marketing.

good night Mrs. Kalabash where ever you are!

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