14 months to a Seterus HAFA short sale approval
Posted by Minna Reid on Tuesday, January 3rd, 2012 at 8:02am.HAFA - Governments "streamline" short sale solution? I dont know about you, but to me 14 months and streamline sounds like an oxymoron.
I've never been a fan of HAFA, and this Seterus short sale certainly didn't sway my opinion. I originally listed this Middletown, CT property and immediately my clients applied for the HAFA program. 6 months later, my clients were approved for HAFA...at about 30% over market value. We were unable to find a buyer to pay 130% of market value....but we were able to find one to pay market value. We moaned and groaned and convinced the lender they were off base with their value...and they did reconsider several months later. Unfortunately by then the buyer was long gone and we had had the pleasure of starting all over.
A few months later we were able to secure a second buyer. Once again the lender insisted on more than market value for the home. We persisted in pushing for yet a third valuation of the property, which of course came in higher than market value. Fortunately this time, we were able to reach a happy medium with the buyer and lender...and a workable short sale approval surfaced.
A few more months passed as the buyer pulled their loan together, and 14 months after starting their journey, my clients closed their HAFA short sale and collected their $3,000.
OWED: $205,000
SETTLED IN FULL WITH $3,000 SELLER RELOCATION ASSISTANCE: $143,000
TIMEFRAME: 14 EXCRUCIATINGLY PAINFUL MONTHS
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[...]enough” to be approved for an in-house short sale, they could be approved via HAFA. Despite 9-15 month timeframes on my previous HAFA approvals, seeing no other option I advised my client to go ahead and attempt the HAFA short sale.
To my[...]
Posted on Tuesday, January 31st, 2012 at 8:48am.