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Foreclosure is Avoidable with HAFA

by Doug & Gwen Campbell at Sun Bay Associates

The latest government initiative to combat the millions of foreclosures across the country is called the Home Affordable Foreclosure Alternatives Program, or HAFA.

HAFA is the program put in place to benefit homeowners who do not qualify for HAMP, or Home Affordable Mortgage Program.  HAFA was released in April of 2010 and is designed to expedite the foreclosure avoidance options for homeowners in need. HAFA, using the short sale process, can potentially save millions of homeowners the financial devastation of a foreclosure.  Since the statistics tell us that 1 in 7 homes are in default, right in your neighborhood there are people who need help with avoiding foreclosure.  A short sale process is simply selling a property for less than the mortgage amount due in order to avoid foreclosure.

Here is how someone can qualify for the HAFA Program.

They must:

1. Be delinquent on the mortgage or face imminent risk of default

2. Occupy the property as the primary residence

3. Have a mortgage that  originated on or before January 1, 2009

4. Have an unpaid principle balance no greater than $729,750 for a one unit property; AND

5. Have total monthly mortgage payments exceeding 31 percent of the gross income.

The HAFA short sale process is the primary solution to avoid foreclosure, salvage one’s credit score and move on with dignity through the process.  The following link shows lenders currently participating in HAFA: 

http://www.makinghomeaffordable.gov/contact_servicer.html

If you know anyone who is in need of expert guidance to navigate the short sale process, be sure they contact someone who is an expert, such as a Certified Distressed Property Expert, or CDPE.

 

HAFA Explained - Simply

by Doug & Gwen Campbell at Sun Bay Associates

Does HAFA make sense to you?  You're not alone.  Watch this 2 minute video for a very clear and simple to understand explanation of HAFA and loan modifications.

http://www.youtube.com/watch?v=8TXx8rKy-Ow

Now, wasn't that better than reading pages of verbiage that just put you to sleep?  We can help, contact us.  We are Certified Distressed Property Experts, or CDPE, and know how to help you through a trying experience.

HAMP or HAFA and Your Mortgage

by Doug & Gwen Campbell at Sun Bay Associates

At last, the federal government is taking real action to provide homeowners assistance with their mortgages.  A new initiative, Home Affordable Foreclosure Alternatives Program, or HAFA, is now in effect to help homeowners.  The details are complicated, and you, the homeowner, need to clearly understand these new solutions to gain the most benefit.  This is a critical issue, especially for the Tampa Bay real estate market since this market has been so hard hit by the economic downturn.  As a Certified Distressed Property Expert (CDPE), Sun Bay Associates is in a position to explain the nuances and benefits of the HAFA process.

In March 2009, the Home Affordable Modification Program or HAMP, was introduced to provide homeowners assistance if their mortgage payments exceeded guidelines for income levels (above 31% of income).  Most homeowners, however, are facing such financial hardship that the HAMP can't provide them deep enough discounts on the mortgage and either don't qualify or in the end will default on the modified mortgage anyway.

Enter the HAFA program.  This is specifically designed for homeowners who don't qualify for HAMP aid.  HAFA is supposed to speed up the foreclosure avaoidance options for those homeowners who need this help.  HAFA can help same millions of homeowners from the financial disaster of foreclosure by getting either a short sale or a deed in lieu of foreclosure accomplished relatively quickly.  A short sale is when the home is sold for less than the outstanding mortgage amount and a deed in lieu is when the property is completely turned over to the lender because the homeowner cannot continue making payments.  Then the bank will sell the house to salvage as much of the loan balance as possible.

A critical item in qualifying for the HAFA program is that the loans are NOT owned or guaranteed by Fannie Mae or Freddie Mac and applies only to the first lien mortgage.  HAFA does offer incentives to lenders for those homeowners who have second, third or more mortgages on their homes.  Also, HAFA prevents lending participants from pursuing deficiency judgments against the homeowner after the short sale or deed in lieu has been completed.  If you are in the Tampa Bay area and need to avail yourself of the HAFA program, or are seeking financial help with your mortgage and don't know where to turn, contact us.  We will send you a report that clearly outlines the HAFA process.

With the detailed training and ongoing education as CDPE, we will be able to explain your options.  We can walk you through the various programs available to assist you, whether it is to keep your home by loan modification or going through the short sale or even deed in lieu process as quickly as possible so life can return to normal without the financial stress of a crushing mortgage payment.

Distressed Property HELP!!

by Doug & Gwen Campbell at Sun Bay Associates

The current market is in such disarray and so may people are in trouble, we decided to post this on the Sun Bay blog.  In today's real estate market, about 1 in 10 people are in some stage of foreclosure, whether it is a late payment, or 2 or 3, or the bank has served papers on them as a precursor to actual foreclosure and auction of their homes.  Or they know someone who is.  According to the St. Petersburg Times, 51% of the homes in the Tampa Bay area have mortgages that are greater than the current value of the home, today, in 2009.  In September, lenders filed 4,586 new foreclosure lawsuits against Tampa Bay homeowners and the banks auctioned or repossessed another 2,100 homes.  This is a familiar story month after month in the Tampa Bay area and many other parts of the country as well.

Because of this, I have earned the credential of Certified Distressed Property Expert and have the knowledge and expertise to help many people who are having these issues.  If you know anyone who is behind on their mortgage, or anticipates being behind, have them go to my website, www.sunbaystopsforeclosure.com, that specializes in educating people about distressed property with up-to-date and accurate information.  There is no cost or obligation to them to check it out.  And if they do decide they need help, there will be no fees.  We will consult with them to help them find the best possible resolution for their distressed property, from a loan modification to short sale and several other avenues to help avoid going to foreclosure.

I want to help, and in many cases I can help. 

Short Sale vs. Foreclosure and the CDPE

by Doug & Gwen Campbell at Sun Bay Associates

Several months ago I talked with a for sale by owner who "needed" to get XX dollars from the sale of a house she owned.  Her price, in today's market was not realistic so she rented it out instead of trying a short sale and avoiding foreclosure.  That was before I became a Certified Distressed Property Expert, or CDPE.  Had I known then what I know now, I could have helped her and possibly gotten her through a short sale with a minimum of heartache.

To shorten a long, sad story, the renter never paid his rent, the house in now in foreclosure, the house has lost another $30,000 to $40,000 value in today's market, she has been advised by her attorney to go into bankruptcy and it may be too late to even try a short sale.  With the knowledge gained from the CDPE training, it is very possible that we could have found a resolution to her issues and sold the house before it got to this point.  I will be following up with her in a couple days to see if we can still help, but she has been pretty well discouraged by the turn of events and the distressed market of today.  In today's market the house is worth about half of what she paid just a few years ago.

If you know anyone who is falling behind on their mortgage, or even before they fall behind and are just upside down or underwater with the mortgage, have them contact a Certified Distressed Property Expert.  I work in the greater Tampa Bay area and can help here.  I also can recommend a CDPE to help someone in any area.  There is no need to suffer the stress of a foreclosure.  A CDPE can provide expert guidance, from loan modification to short sale.  Sometimes a foreclosure is the best option, but a short sale is far better for many reason.  In almost all situations, a short sale is the correct answer when the question is "should I just go into foreclosure or abandon the house?"

Short Sale, Pre-Foreclosure - It's the Market Reality

by Doug & Gwen Campbell at Sun Bay Associates

What is up with this so-called stabilized market in real estate?  The number of houses sold has been increasing recently, although the gross dollars has decreased.  That says very clearly that prices are still moving downwards.  A large component of this in the marketplace is the short sale, or pre-foreclosure.  Many people believe that when a property is in a short sale situation that it is a firesale.  Not true.  The banks are looking to get as close to fair market value as possible.  The better the price a house sells for at short sale, the less money the bank loses when they "forgive" the debt to the homeowner.

Real estate agents who have earned the Certified Distressed Property Expert (CDPE) designation have received rigorous training in the short sale process to come to as good a conclusion as possible for all parties involved.  The homeowner is out from under what is often a crushing debt obligation, the bank can take the non-performing asset off the books and lend money again, and the new buyer is getting a home at a good bargain, often at a price at or just below market value.  Certainly they are buying a home that a couple years ago may have sold for a much as 40% more.

If you are in a short sale or pre-foreclosure situation, or know anyone who may be, find a realtor who has earned the CDPE.  This level of expertise will guide you through the short sale process.  According to the Distressed Property Institute, CDPE agents close 85-90% of the short sales they take.

 

Certified Distressed Property Expert

by Doug & Gwen Campbell at Sun Bay Associates

DOUG CAMPBELL EARNS PRESTIGIOUS DESIGNATION TO HELP HOMEOWNERS IN DANGER OF FORECLOSURE

 

Doug Campbell of Keller Williams Realty, Palm Harbor, has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.

 

Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

 

In the Tampa Bay area, nearly half of all homes for sale are in danger of foreclosing. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.

 

“This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales,” said Campbell. “It is so rewarding to be able to help sellers save their homes from foreclosure.”

 

Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors® such as Doug Campbell with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.

 

The Distressed Property Institute opened in January 2008 and provides training on-site and online. The CDPE is the premier designation for Realtors helping homeowners in distress and handling short sales.

 

“Our goal is to educate as many people as possible so we can help as many homeowners as possible,” Charfen said.

For more information, contact Doug directly at 727-741-4189 or by email at [email protected].

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Photo of Gwen and  Doug Campbell - The Campbell Team Real Estate
Gwen and Doug Campbell - The Campbell Team
at Keller Williams Realty
30522 US Hwy 19N, Suite 107 S
Palm Harbor FL 34684
Doug's Cell 727-741-4189
Gwen's Cell 727-741-7260
Fax: 888-447-7908