HAFA Expires December 31 2016 , and per www.makinghomeaffordable.gov the deadline to submit an application for a HAFA short sale is 12/30/2016 because HAFA Expires December 31 2016, the program along with others within Making Home Affordable(MHA) are set to expire at the end of 2016. There are currently no new programs that we know of in the works to take its place. How ever Wells Fargo HAFA Short Sales have already expired. Wells Fargo stopped taking applications for HAFA on December 1st 2016. Per our contacts at Wells Fargo all offers and applications needed to be in by the 1st in order to get considered for HAFA even though the program per MHA expires 12/31/16 and 12/30/16 is the last day an application can be submitted.
A HAFA Short Sale through Wells Fargo also provides sellers of a short sale the chance to exit their homes and be relieved of their remaining debt through the short sale, for any one outside of California this is an opportunity of a lifetime and its a shame that it will be going away this year.
Wells Fargo HAFA Qualifications are:
- You have a mortgage with Wells Fargo.
- You are struggling to make your mortgage payments due to financial hardship.
- You are delinquent or in danger of falling behind on your mortgage.
- You obtained your mortgage on or before January 1, 2009.
- Your property has not been condemned.
- You owe up to $729,750 on your primary residence or one-to-four unit rental property (loan limits are higher for two- to four-unit properties).
Some mortgage lenders like Nationstar have also made their deadline to submit an application for a HAFA short sale 12/01/2016.
Short Sales will not be going away completely , only HAFA Expires December 2016. Traditional non HAFA Short Sale reviews will still be around and can pay out relocation incentives to a seller but no where as close to the $10,000 HAFA provides. Through a traditional short sale , if qualified , borrowers may receive up to $3,000. Wells Fago will continue to take in Short Sale Applications and request but per Wells Fargo its now to late to be reviewed for a HAFA short sale since HAFA Expires December 2016 and the deadline to get applications in was December 1st 2016.
If you have questions about an underwater mortgage, loan modification, foreclosures ,short sales , Reverse Mortgage Short Sale please call us at 888-572-8020.
For assistance or questions about Making Homes Affordable , HAFA , and escalations regarding the expiration of HAFA please fill out the form below and you will be contacted right away.