Monday, December 17, 2012

Ask for HIN's and HAFA Updates

Certified Distressed Property Expert, this designation keeps me informed of almost everything related to Short-Sales. And, trust me, changes almost daily.

New items to share:

HAFA Update is allowing many cooperating banks to make a 'Pre-Determined Hardship" As long as the borrower (home owner) is more than 90 days delinquent and their FICO is below 620, they almost consider it an automatic approval. Decision is to be made in 30 days tops.

And, one, not to forget:

HIN. ~ Homeowner Incentives. When people got foreclosed on they were frequently offered 'Cash for Keys' to vacate. Banks have been offering for a while these HIN.'s to complete the sale of homes via Short-Sale instead of letting them get foreclosed upon. Not to everyone, they have to approach you. But, doesn't hurt to ask. Just reminding you that if you get something from your lender that says they will pay you to do a Short-Sale, it may not really be a scam.

Amount of HIN's these bank reps have said they are offering:

Bank of America ~ 3k to 30k
Citi Mtg ~ 3k to 45k
Wells Fargo ~ 3k to 20k
Chase ~ up to 35k

The 3k is the HAFA relocation. Anything above that is when a proprietary Short-Sale is completed. Not a HAFA short-sale. Not everyone will be eligible, again, the numbers have to work right. But, never hesitate to ask.

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