Accelerated Selling Advocacy Program
Sell in 3 to 65 days!
Find out how our partners and we can offer to sell your property in 3 to 65 days. Our A.S.A.P.SM Qualifies under the HAFA Program offered by the government! See our FAQ's or contact us at save@wahousingadvocates.com to get more information and get started today.
Our Healthier Solutions
part of our Accelerated Selling Strategies:
With our Power Listing Solution, our accredited agents will aggressively and effectively market your property with innovative marketing strategies such as a personalized property webpage, personalized 800# number and marketing on our affiliates websites to increase your property web presence to hundreds of property related search sites. The very same systems that we use to sell our investment properties, we offer to you, to meet and exceed your expectations. This solution will ensure the highest exposure for acquiring the best offer for your property.* Learn More
Our Cash Out Solution is a simple way of liquidating property for a fair “as-is” price. Our privately financed investors have the resources to purchase properties without having to depend on bank financing. We’ll cash out the mortgage company, junior liens in short sale situations and take care of all tasks and repairs. This is the best solution for our clients who need to sell quickly, more so than a traditional listing. Learn More
Searching for foreclosure intervention assistance? We can help.
Please click on our program below
The Home Affordable Foreclosure Alternatives (HAFA)
Program
- $3,000 Relocation Assistance to homeowners that successfully Short Sale their property.
- Lien/mortgage holders to waive their right to collect the balance due on their loans.
In light of the rising number of property foreclosures in the United States, the government has expanded the Home Affordable Modification Program (HAMP) to include provisions and
incentives for servicers to allow short sales or deeds-in-lieu as positive options for eligible
homeowners in default who wish to avoid foreclosure. The new program is called Home
Affordable Foreclosure Alternatives (HAFA). Read More...
Participation in HAFA cannot save the homeowner from losing his or her property, but
it can eliminate the effects of a foreclosure on the homeowner’s credit. Financial incentives for
participation in the program include a $1,000 servicing bonus for lenders and a $3,000
relocation bonus for displaced homeowners.
HAFA is designed for homeowners who have applied to HAMP for assistance but have had no success with their loan modification program. To participate in HAFA, homeowners must still meet HAMP’s eligibility criteria (principal residence, first-lien mortgage, serious
delinquency, unpaid balance under $729,750, and a mortgage payment over 31
percent of gross income).
Homeowners must be considered for HAFA within 30 days if they cannot meet HAMP’s requirements or if they specifically request consideration for HAFA. However, the homeowner
only has 14 days to respond to a written notice that HAFA may be available to them, giving the
lender time to meet their 30-day deadline.
As with other short sales and deeds-in-lieu, the lender or loan servicer of the primary mortgage
must approve of the transaction and conduct their own independent appraisal. Under HAFA,
however, they must also agree to accept the proceeds from the sale of the house as payment
in full, waiving their right to collect the balance of the loan from the homeowner.
It is up to the lender or servicer of the first-lien mortgage whether they or the homeowner negotiate with any subordinate lienholders. Lenders of HELOCs and other subordinate liens may be allowed to keep a limited portion of the proceeds (up to $3,000 each) of a short sale, with the first-lien lender’s approval. These funds are part of an incentive program for
subordinate lienholders to waive their right to collect the balance due on their loans. The original lender may not be held responsible if any subordinate lienholders decline to participate and decide to sue the borrower for the amount of their unpaid debt.
HAFA’s Short Sale Agreement (SSA) has certain stipulations for all parties involved. Their SSA
requires that the deadline for the homeowner to find a buyer and complete the
transaction be not less than 120 calendar days from the date the SSA is mailed to the
homeowner. The lender has the option of extending this deadline another 245 calendar days, for a total term of 12 months. The SSA also mandates that a HAFA transaction must be ‘armslength’, and that the end buyer must agree to hold the property for at least 90 days after closing. Finally, the SSA gives the listing real estate agent the right to an undiscounted 6 percent commission at closing.
A short sale is any sale of property, usually during the foreclosure process, in which the
lender(s) agrees to accept less than the balance due on the mortgage(s) or lien(s) in order to
avoid the cost of foreclosure. Per HAFA requirements, the primary lender may not
pursue the homeowner, but the secondary lenders do not have to agree to that
provision. Assuming that they agree to the short sale in general, they can forego the financial incentive to waive collection rights and continue to pursue the homeowner for their own.
The above content is owned, copywritten & provided by hafa-program.com
Note:
“IRS passes special tax relief for Short Sale’s and Loan Modifications”
Mortgage Forgiveness Debt Relief Act Mortgage Workouts, Now Tax-Free for Many Homeowners; Claim Relief on Newly-Revised IRS Form
WASHINGTON — Homeowners whose mortgage debt was partly or entirely forgiven during 2007 may be able to claim special tax relief by filling out newly-revised Form 982 and attaching it to their 2007 federal income tax return, according to the Internal Revenue Service.
Read More
Normally, debt forgiveness results in taxable income. But under the Mortgage Forgiveness Debt Relief Act of 2007, enacted Dec. 20, taxpayers may exclude debt forgiven on their principal residence if the balance of their loan was less than $2 million. The limit is $1 million for a married person filing a separate return. Details are on Form 982 and its instructions, available now on this Web site.
“The new law contains important provisions for struggling homeowners,” said Acting IRS Commissioner Linda Stiff. “We urge people with mortgage problems to take full advantage of the valuable tax relief available.”
The late-December enactment means that reporting procedures for this law change were not incorporated into tax-preparation software or IRS forms. For that reason, people using tax software should check with their provider for updates that include the revised Form 982. Similarly, the IRS is now updating its systems and expects to begin accepting electronically-filed returns that include Form 982 by March 3. The paper Form 982 is now being accepted, but the IRS reminds affected taxpayers to consider filing electronically, which greatly reduces errors and speeds refunds.
The new law applies to debt forgiven in 2007, 2008 or 2009. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, may qualify for this relief. In most cases, eligible homeowners only need to fill out a few lines on Form 982 (specifically, lines 1e, 2 and 10b).
The debt must have been used to buy, build or substantially improve the taxpayer's principal residence and must have been secured by that residence. Debt used to refinance qualifying debt is also eligible for the exclusion, but only up to the amount of the old mortgage principal, just before the refinancing.
Debt forgiven on second homes, rental property, business property, credit cards or car loans does not qualify for the new tax-relief provision. In some cases, however, other kinds of tax relief, based on insolvency, for example, may be available. See Form 982 for details.
Borrowers whose debt is reduced or eliminated receive a year-end statement (Form 1099-C) from their lender. For debt cancelled in 2007, the lender was required to provide this form to the borrower by Jan. 31, 2008. By law, this form must show the amount of debt forgiven and the fair market value of any property given up through foreclosure.
The IRS urges borrowers to check the Form 1099-C carefully. Notify the lender immediately if any of the information shown is incorrect. Borrowers should pay particular attention to the amount of debt forgiven (Box 2) and the value listed for their home ( Box 7).
Note: Legislation enacted in October 2008 extended this relief through 2012. Thus this relief now applies to debt forgiven in calendar years 2007 through 2012.
For more Information, please visit: http://www.irs.gov/irs/article/0,,id=179073,00.html 
