Call: (661)310-8215
Valley Short Sale Expert
Lauren Nemeschansky
Remax of Santa Clarita short sale
Up side down?
short sale google  plus page
google places valley short sale expert
santa clarita realtors facebook page
call short sale specialist santa clarita short sale news letter

If you are interested in finding out what the value of current home is, please click below for a free online market analysis of your home's value. Nobody will come to your home, it is 100% online and confidential.

valencia realtor gives a CMA
short sale prequalication form

Find out if you qualify for a short sale and if a short sale is your best option. Please fill out this confidential no obligation form.

Information requested
*Required fields

For updated information about short sales follow my

valley short sale blog

Complementary restaurant coupon. No purchase nesessary. Coupons change monthly.

free santa clarita restarant coupon by valencia realtor

Home Affordable Foreclosure Alternative Program, HAFA and Home Affordable Modification Program, HAMP defined

What is Hafa?
HAFA Short Sale, HAMP, Short Sale Realtor

What is HAFA, the Home Affordable Alternative Program?

The Home Affordable Foreclosure Alternative Program, HAFA was launched under the Obama Administration in 2009 to help assist distressed homeowners, borrowers, who are having financial hardship in making their mortgage payments to help them avoid foreclosure. Most of these borrowers are upside down or having negative equity in their homes as a result of the downturn in the real estate market. HAFA is part of the “Making Home Affordable” package which includes a number of specific programs which have currently been extended through December 31, 2013 which also has the intent to help stabilize the real estate market. Participation in HAFA is mandatory and required for lenders and servicers of loans that are either guaranteed or owned by Freddie Mac and Fannie Mae and for all of the other lenders and banks it is voluntary to sign up but most of them, above 80%, do participate in the HAFA program. The Federal Government realized that so many borrowers and homeowners that are distressed for many different reasons have used up the majority of reserves in their bank accounts and credit and that because of our current economic slowdown have been unable to “bounce back” the way they had originally planned that they would so the federal government has created HAFA along with other programs such as HAMP, the Home Affordable Modi fication Program, which is the loan modification program that all applicants for HAFA are automatically considered for when they put in their application for a HAFA short sale unless they request that they are not considered for a loan modification because they prefer to sell their home.

What is the Home Affordable Modification Program, HAMP?

I always tell my clients that if they truly would like to keep their home if possible they should apply for the HAMP loan modification which is a process very similar tothe HAFA short sale with almost identical paperwork and I guide them through this very confusing process. However if the client needs to move , ie. a job transfer, or prefers to move because they feel it would be in their best financial interest to sell their home short and “jump back” into the real estate housing market at a lower price with better mortgage loan terms in two years, which is about how long it will take until they are eligible to procure a new home loan they can request to not be considered for a loan modification.

What are the Benefits to the borrower/homeowner when considering a HAFA short sale compared to a Standard or traditional or normal short sale?

There are some benefits to the borrower/ homeowner who is considering doing a HAFA short sale as compared to a traditional short sale which are provided as an additional benefit to them. In a HAFA short sale the mortgage debt or lien debt is automatically forgiven and the debt is considered as “paid and settled” without any negotiations needing to be made by the short sale negotiator. Another benefit of a HAFA short sale over a traditional or standard short sale is that if there are two liens or mortgages such as a second equity line of credit or a HELOC, once the first mortgage lien holder accepts and gives short sale approval, the second lien holder automatically also must accept and approve of the short sale and the amount of payoff that the first lien holder has allotted. In a traditional or standard short sale when there are two mortgages or liens on the property the short sale negotiator must negotiate with both mortgage lien holders and once the first lien holder accepts the short sale then the second lien holder must also be convinced to accept the amount of payoff that is being offered to him or her for the release of the second lien and the forgiveness of the mortgage, debt and lien release.
I have been very successful at convincing the holder of the second liens to release the lien and also forgive the debt as settled and paid which is also almost with few exceptions automatic when both loans are with the same lender. However, when both loans are not with the same lender the process is a bit more difficult but I have been so far of this writing 100% successful in accomplishing the lien removal and full debt forgiveness by the second lien holder, equity line. It must be noted that not all homeowners qualify for the HAFA program but most homeowners do qualify for a short sale which is standard and traditional.

Examples of HAFA short sale approval letters

I have included two examples of HAFA short sale approval letters. The first one is a Bank of America short sale approved under HAFA.
The second approval letter is Chase J.B Morgan short sale that was approved under HAFA.
Return to Valley Short Sale Expert

Contact Information

ReMAX of Santa Clarita
Valley Short Sale Expert
25101 The Old Road #232
Santa Clarita, Ca 91381

Phone: 661-310-8215
URL of Map

Other websites:

About Lauren

REmax real estate agent
Lauren Nemeschansky is a REMAX
Real Estate agent serving
all of Santa Clarita,
Valencia, Stevenson Ranch,
Saugus, Canyon Country,
Newhall and Castaic.
San Fernando Valley and Los Angeles
HAFA short Sale Expert
CDPE certified real estate agent
M.S. Degree from California State University, Northridge
Real Estate License DRE#0172935:

Valley Short Sale Expert      Why Short Sale       What is A Short Sale?      HAFA Short Sale      About Lauren      Loan Modifications      Divorce and Real Estate        Site Map

Short Sale Realtor Serving: Santa Clarita, Valencia, Stevenson Ranch, Saugus, Canyon Country, Castaic, Newhall
Copyright © 2013 All Rights Reserved. Valley Short Sale Expert, Lauren Nemeschansky
Lauren Nemeschansky is a Licensed REMAX Real Estate Agent DRE#0172935       Google
All information provided is deemed reliable but not necessarily accurate, neither Lauren Nemeschansky nor REMAX of Valencia shall be held liable for any inaccuracies or results thereof. This website and the information provided herein is for general educational purposes and is not meant to provide solutions for debt or mortgage problems or substitute for the counsel of a professional. Distressed homeowners are recommended to seek the advice of an attorney and tax professional. All rights to the content of this website are reserved and shall not be sold, duplicated, used or published in any manner without the express and written permission of Lauren Nemeschansky