Phoenix Real Estate HAFA Information
Hope has arrived for the multitude of Phoenix real estate homeowners who allow their homes to slip into foreclosure while never exploring their options on how to avoid foreclosure. I sincerely hope they will take advantage and take the time to educate themselves on the alternatives available to avoid foreclosure.
It's easy to just walk away and give up - the path of least resistance, for certain. However, the foreclosure haunt continues for years affecting credit, employment and even security clearances. With the advent of HAFA as an additional alternative, foreclosure can be avoided.
Obviously, foreclosure can't always be avoided, but knowing your options before going into "ostrich mode" would well be worth the time invested. In light of HAFA, which even provides relocation assistance money and eliminates the hovering concern of a deficiency judgment when a short payoff has been accepted, there should be no reason for distressed homeowners not to explore their options versus throwing thousands away.
Personally, I'm so adamant about informing the public about their options, I've setup a "Home Rescue Network" to provide homeowners who owe more on their homes than they are worth or are behind on their payments a comprehensive list of options to avoid foreclosure and a quick questionnaire to help them determine if they are eligible for the new government programs available.
I have a National network of experienced brokers and agents around the country I'm able to refer homeowners to. These are experts in their area who can help further educate and help homeowners rescue their homes from the throes of foreclosure. If you're interested in more no-obligation information about this, you can contact me directly.
HAFA will simplify and streamline the use of Short Sales with the use of the top features it provides including:
1. Providing financial incentives to borrowers, investors and servicers
2. Requiring servicers to release borrowers from future liability for the debt (no deficiency judgments)
3. The normally daunting short sale process will be standardized and streamlined by using standard processes, documents and timeframes
4. Complementing HAMP by providing workable alternatives to homeowners who are HAMP eligible
5. Eliminating the need for additional analysis on eligibility by utilizing financial and hardship information collected in conjunction with HAMP
6. Allowing the homeowner to receive pre-approved short payoff terms prior to the property being listed
With over 11,000,000 homeowners in negative equity positions on their mortgages (that's roughly 24% of all properties with a mortgage), I look forward to seeing what HAFA will be able to do to help borrowers avoid foreclosure and how the goals of HAFA to standardize the process flow, minimize the performance timelines and standardize documentation of short sales will play out.
Joe Martin is the team leader of the #48 RE/MAX Team on the Planet. He has an informative site with valuable information about HAFA and Avoiding Foreclosure. If anyone you know needs to educate themselves about their options before foreclosure , then these no-cost reports on Knowing Your Optionsand Understanding HAFA would be definitely encouraged.