Borrower Instructions for HAFA Short Sale
This document provides essential instructions for borrowers participating in the HAFA Short Sale program. It outlines the necessary documentation and steps to follow for a successful application. If you have a purchase offer, this guide will help you navigate the submission process effectively.
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How do I fill this out?
To fill out this form, first gather all required documents. Next, ensure all fields are complete and accurate. Finally, review the instructions thoroughly before submission.
How to fill out the Borrower Instructions for HAFA Short Sale?
1
Gather all necessary documentation and forms.
2
Complete each section accurately.
3
Review all filled forms for compliance.
4
Sign where required.
5
Submit the completed forms as instructed.
Who needs the Borrower Instructions for HAFA Short Sale?
1
Homeowners looking to sell their property through a short sale.
2
Borrowers in financial distress who need to avoid foreclosure.
3
Real estate agents handling transactions that include short sales.
4
Financial advisors assisting clients in foreclosure mitigation.
5
Lawyers representing homeowners in real estate matters.
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What are the instructions for submitting this form?
To submit this form, send it by fax to 1-866-517-7975 or mail it to Aurora Bank’s Loss Mitigation at the specified addresses. Ensure all required documentation is included with your submission to avoid delays. After submission, follow up with Aurora Bank to confirm receipt.
What are the important dates for this form in 2024 and 2025?
Key dates related to the HAFA program may include submission deadlines for homeowners in 2024 and 2025. Stay informed about any updates or changes to the submission timetable. Adhere to all relevant timelines to ensure a smooth process.
What is the purpose of this form?
The purpose of this form is to facilitate the short sale approval process under the HAFA program. It serves as an official request for borrowers who wish to sell their properties due to financial difficulty. Completing this form accurately is crucial for eligibility evaluation.
Tell me about this form and its components and fields line-by-line.
- 1. Borrower Name: Full name of the individual requesting the short sale.
- 2. Property Address: The location of the property being sold.
- 3. Loan Number: The unique identifier for the borrower’s loan.
- 4. Sales Price: The proposed contract sales price of the property.
- 5. Closing Costs: Estimated closing costs including various fees.
What happens if I fail to submit this form?
Failing to submit this form can lead to the denial of your short sale request. It may also result in foreclosure proceedings continuing without interruption. Ensuring timely and accurate submission is crucial to avoid negative outcomes.
- Denial of Short Sale: Without submission, the request for a short sale will not be considered.
- Ongoing Foreclosure Proceedings: Failure to act may lead to continuation of foreclosure actions.
- Loss of Home: Inaction could ultimately result in loss of the property.
How do I know when to use this form?
- 1. Short Sale Requests: Initiate requests for short sales due to financial hardship.
- 2. Documenting Sales Offers: Provide necessary details about purchase offers on the property.
- 3. Compliance with HAFA Regulations: Ensure adherence to program guidelines for short sales.
Frequently Asked Questions
What is a HAFA Short Sale?
HAFA stands for Home Affordable Foreclosure Alternatives, a program designed to assist homeowners in short sale transactions.
Who should fill out this form?
Homeowners who wish to request a short sale with a purchase offer need to complete this form.
What documents do I need to submit?
Include the Alternative Request for Short Sale Approval, financial documents, and any additional required forms.
Can I edit the PDF online?
Yes, you can edit the PDF on PrintFriendly before downloading.
How do I submit this form?
Forms can be submitted via fax or mail to Aurora Bank’s Loss Mitigation department.
What is the deadline for submission?
The submission should adhere to any deadlines outlined in the accompanying instructions.
Is this form required for all short sales?
Yes, if you are participating in the HAFA program with a purchase offer.
Can I sign the form electronically?
Yes, you can add your electronic signature using PrintFriendly.
Will I receive confirmation of my submission?
You should receive acknowledgment from Aurora Bank once your submission is processed.
What if I have questions while filling it out?
You can contact Aurora Bank for assistance at the provided toll-free number.
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