Kim Novak's Utah Real Estate Blog

News, Trends & Discussions About The Real Estate Market in Northern Utah

Simplifying Short Sales: HAFA Home Affordable Foreclosure Alternatives

Breaking News 11/30/09 The U.S. Treasury announces a plan to simplify and expedite the Short Sale approval process called HAFA Home Affordable Foreclosure Alternatives Program.

  • Complements HAMP by providing viable alternatives for borrowers who are HAMP-eligible.

  • Utilizes borrower financial and hardship information collected in conjunction with HAMP, eliminating the need for additional eligibility analysis.

  • Allows the borrower to receive pre-approved short sale terms prior to the property listing.

  • Prohibits the servicer from requiring, as a condition of approving the short sale, a reduction in the real estate commission agreed upon in the listing agreement.

  • Requires that borrowers be fully released from future liability for the debt.

  • Uses standard processes, documents and timeframes.

  • Provides financial incentives to borrowers, servicers and investors.

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    Kim Novak is a Broker Associate with RE/MAX Masters in Salt Lake City and Layton, Utah. She holds a BSBA with an emphasis in Sales & Marketing and has achieved the designations of ABR: Accredited Buyer Representative, CDPE: Certified Distressed Property Expert, CRS: Certified Residential Specialist, CSP: Certified New Home Sales Professional, GRI: Graduate of the Realtor® Institute, SRES: Seniors Real Estate Specialist and ePRO: Internet Professional. Licensed in 1995, Kim has closed over 500 sales during her full time real estate career. 

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    5 comments • Kim Novak • December 01 2009 11:19PM