HAFA eligibility now includes vacant properties..............here's the facts...........
Some recent changes to the HAFA program in regards to vacant properties have made the eligibile pool of borrowers who qualify just a bit larger.
Prior to the changes, a property that was not owner-occupied for 90 days for reasons other than a required job relocation of more than 100 miles for were not eligible for HAFA.
With the new changes, previously owner-occupied properties which have been vacant or rented for up to 12 months may be eligible as long as the seller has not purchased another property during that time period.
The new guidelines are effective Feb. 1, 2011, and are not eligible on loans owned or guaranteed by government owned or sponsored entities including Fannie Mae, Freddie Mac, FHA and VA.
Keep this in mind for your clients who may be eligible for HAFA which includes up to $3000 in relocation expenses from the proceeds of the sale, AND the elimination of any pursuance of deficiency by the bank once the short sale closes.
Melissa Zavala and I have started a new series for short sales that you may find valuable called "Short Sale Heaven for 2011"
You can subscribe to our posts by joining the group here:
http://activerain.com/groups/shortsaleheaven
