HOME AFFORDABLE FORECLOSURE ALTERNATIVES (HAFA)
- Property is principal residence.
- Mortgage originated before Jan. 1, 2009.
- Mortgage is owned or guaranteed by
- Borrower is delinquent or default is foreseeable.
- Homeowner demonstrates hardship.
- Borrower's total monthly housing payment exceeds 31 percent of gross income.
- Unpaid principal does not exceed $729,750.
According to HAFA rules, lenders now must offer a short sale in writing to the borrower within 30 days if the borrower does not qualify for or complete a loan modification. Borrowers then must respond within 14 days to the lender's short sale agreement.
When a purchase offer is made, borrowers must submit the sales contract to the lender within three days, along with the buyers' mortgage preapproval and the status of negotiations with other lien holders on the seller's property.
Finally, lenders must approve or deny the contract within 10 days.
HAFA rules also state that lenders must release borrowers from the obligation to repay the difference between the sales price and the loan amount. No deficiency judgments are allowed for a first or second loan.
In the past, short sales were especially difficult for homeowners with more than one loan on their home, since the home sale typically repaid only the first mortgage. HAFA's financial incentives include a payment of up to $3,000 for second mortgage holders.
Other HAFA financial incentives include $1,000 to loan servicers to cover administrative fees, up to $1,000 for mortgage investors who agree to share short sale proceeds with second lien holders and $1,500 to the homeowners for relocation.
The moving expense allocation acts as an incentive for them to stay in the property until the short sale goes through.
Short Sale approvals by banks increase dramatically while foreclosures slide
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WHAT IS EARNEST MONEY? HOW DO I GET IT BACK IF THERE IS A DISPUTE?
- If your offer is accepted, the earnest money becomes part of your down payment or closing costs
- If the offer is rejected, your money is returned to you
- If you back out of a deal, you may forfeit the entire amount
- If either party refuses to execute the nessecary documents required to release the earnest money (See NRS645a.175 3.(a) very interesting )
*** NRS 645A.175 Duty to execute documents necessary to release money deposited in escrow; exception for good faith disputes; recovery of damages for failure to execute; award of attorney’s fees.
1. Except as otherwise provided in subsection 2 or in the escrow agreement between the parties and the holder of the escrow, upon the close of an escrow for the sale of real property or on the date the escrow is scheduled to close if it has not closed, each party shall execute the documents necessary to release the money deposited in the escrow.
2. A party may refuse to execute a document necessary to release the money deposited in the escrow only if a good faith dispute exists concerning that money.
3. Except as otherwise provided in NRS 645.8701 to 645.8811, inclusive, if a party refuses to execute a document necessary to release the money deposited in the escrow within 30 days after the holder of the escrow makes a written request for the execution, the party injured by the failure of the other party to execute the document may collect from that party:
(a) Actual damages of not less than $100 nor more than 1 percent of the purchase price of the real property for which the money was deposited in the escrow, whichever is greater;
(b) The money deposited in the escrow which was not held to resolve a good faith dispute concerning the sale of the property; and
(c) A reasonable attorney’s fee.
(Added to NRS by 1995, 1527; A 1999, 1180)
Take Back your Power!
It is time to let go of the economy and take control of your existence. You can either give away your power to; the economy, the market or the story of the day. Giving away personal power is giving away your control, hope and happiness. There is always a story for why things aren't going well. Today, this moment, take your power back!
Personal power is the ability to achieve what you want. More than anything else, it is personal power that brings you success and happiness. There have been some that have felt powerless in the economic climate of the past months.
Power is a multi-faceted concept. You experience a sense of personal power when you feel in control of your life. Power is the ability to achieve goals. It is also the ability to influence others. Considerable power comes from the ability to communicate. Power includes enthusiasm and optimism. Your energy level is related to your power. You have personal power when you are the master of your destiny. Power is related to self-esteem and confidence. The freer you are, the more you tend to experience your power.
· Getting angry, bitter and/or resentful at others will fix nothing.
· Positive change starts with awareness, understanding and acknowledgement
· The situation will change when you change.
4. Take control of your health. Exercise. The kind of exercise that empowers you is the kind that lets mind and body sing together as one. Find the exercise that induces a positive mental state and that is enjoyable to you. Maybe walking is empowering to you because you are expanding the scope of your surroundings. Yoga can bring tone and strength to mind and body. For some it is a game of tennis or golf.
5. Get Inspired and Inspire others. Surround yourself with others who inspire and challenge you. Working together with like minded committed and inspired individuals is exciting and productive.
"Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, It is the only thing that ever has."
7. Keep re-inventing yourself. Being stagnant and inflexible in a dynamic world is a sure-fire way to become redundant, unnecessary and powerless. While your core values, beliefs and standards might remain constant, it is important that you continue to adapt
" Be thankful for what you have; you'll end up having more. If you concentrate on what you don't have, you will never, ever have enough. "
Oprah Winfrey
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