Great news for homeowners that qualify for a HAFA Short Sale. As of February 1, 2015 the relocation assistance available to the occupant/borrower was increased from $3,000 to $10,000!! This program was reduced to $3,000 on December 31st, 2016.

Citizens Law Group may no longer be able to get you $10,000 to assist you with moving from your property, but may be able to get you $3,000 once the HAFA Short Sale is completed. These funds are paid to the OCCUPANT of the property even if they don't own the home.

Our advice is stay in your property while we go through the HAFA Short Sale process. The lender will compensate you for doing since they want you there to be there and maintain the property.

What is the criteria* to be eligible for a HAFA Short Sale ?

  1. You have a documented financial hardship.

  2. You have not purchased a new home within the last 12 months.

  3. Your first mortgage is less than $729,750.

  4. You obtained the mortgage on the subject property on or before January 1, 2009.

  5. You must have a clean record in the last 10 years- no felony larceny, theft, fraud, forgery, money laundering or tax evasion in connection with a mortgage or real estate transaction.

 *We provide this eligibility criteria are for guidance only. Please contact one of our Chicago Short Sale Specialist to see if you qualify for the HAFA Program.

HAFA also offers benefits that make the transition as favorable as possible:

  • You can get free advice from  a HUD-approved housing counselors and licensed real estate professionals.

  • Unlike conventional short sales, a HAFA short sale completely releases you from your mortgage debt after selling the property. This means you will no longer be responsible for the amount that falls “short” of the amount you still owe. The deficiency is guaranteed to be waived by the servicer.

  • In a HAFA short sale, your mortgage company works with you to determine an acceptable sale price.

  • HAFA has a less of an impact on your credit score than foreclosure or conventional short sales.

  • When you close, HAFA may provide $10,000 $3,000 in relocation assistance.

Together we can devise a plan to get you out from under your hardship with the least impact to you and yours.

 Please feel free to reach out to me if I can be of any assistance.