Home Affordable Foreclosure Avoidance Short Sale Approval for our Listing

We just received an approval from Bank of America for one of our HAFA short sales. If you are not familiar with HAFA, it stands for Home Affordable Foreclosure Avoidance Program, a subset of the HAMP or the Home Affordable Modification Program, which less than 10% of those who apply actually receive a modification that works. Therefore the US Treasury created HAFA. You may be eligible to apply if you meet all of the following:

• You live in the home or have lived there in the last 12 months.
• You have a documented financial hardship.
• You have not purchased a new house within the last 12 months.
• Your first mortgage is less than $729,750.
• You obtained your mortgage on or before January 1, 2009.
• You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

The best part about the HAFA program is the seller can get up to $3000 at closing and is relieved of all future deficiencies. Your servicer must be a HAMP participant in order the seller to benefit from HAFA.  If there is a 2nd lien holder that is not a HAMP participant, then they can ask for finds from the seller at closing in cash or a promissory note and/or maintain the right to pursue you for a deficiency in the future. Click here for a HAFA brochure. Please call or email us if we can be of assistance.

The Iron Eagle Realty Team's mission is to assist you, our client, in the sale and acquisition of real estate properties in the state of Idaho, specifically the Boise Idaho Real Estate Market. Whether you are buying or selling a home, whether it is a foreclosure, short sale or equity property, we handle our customers and clients with empathy and honest truths so they can make informed decisions as they advance in the process of buying and selling real estate that meet specific needs.

PS: We've Helped More Buyers and Sellers than 99.8% of any Local Realtor

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Regards, Michael Hon, REALTOR®
CEO, The Iron Eagle Realty Team
Associate Broker, Silvercreek Realty Group
Certified Short Sale Specialist®
Investment Property Consultant
Direct: 208.919.0458 Office: 208.939.9033 Fax: 208.514.1422
www.IronEagleRE.com Michael.Hon@IronEagleRE.com