Short Sale Solutions

Short Sale Solutions:

A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. It often occurs when a borrower cannot pay the mortgage loan on their property, and the lender decides that selling the property at a moderate loss is better than pressing the borrower or instigating foreclosure procedures.  Both parties typically benefit from a short sale process vs. a foreclosure which involves substantial time and expense for the bank and a poorer credit report outcome for the borrower.

The US Treasury Department’s Home Affordable Foreclosure Alternatives (HAFA) program simplifies and streamlines the short sale and Deed in Lieu (DIL) process by providing a standard process flow, minimum performance timeframes and standard documentation.

Channel Inc. has created Home Affordable Foreclosure Alternatives (HAFA) compliant Short Sale workflow templates that clients use to manage the HAFA process within their own organization.