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Real Estate Information Archive


Displaying blog entries 1-7 of 7

What is HAFA?

by Wayne Turner

What in the world is HAFA (Home Affordable Foreclosure Alternatives Program)?  This informative video, produced by CDPE, clearly and accurately explains HAFA in just about two minutes.  If you, or someone you know, is facing a foreclosure our team is equipped to help!  Please call us today to learn what your rights are and how the Wayne Turner Team can prevent your foreclosure.


Recent Price Reductions!

by Rachel Morvant

Recent Price Reduction:

10 Stonewood - Crestwood Subdivision, Covington, LA... reduced to $251,900... View pictures HERE.

74408 Wilkinson - Covington, LA... reduced from $150,000 to $129,900!!  View pictures HERE.

70473 B St - Covington, LA...Now priced at $138,900. View pictures HERE.

2900 General Ogden - New Orleans, LA... reduced to $137,000! View pictures HERE.

Over 6 Stunning Acres!

by Rachel Morvant

39698 John Wild Road - Ponchatoula, LA

Over 6 Stunning Acres! Private gated brick entrance leads to beautiful home featuring stately columns, formal dining room, plantation shutters, hardwood floors, recessed lighting, crown molding, 10' & 12' ceilings throughout. Grand gourmet kitchen with island & easy close custom cabinets. Exquisite master suite with 5' wide tiled shower, double vanities, whirlpool bathtub and massive closets. Covered back patio, 30x30 Ludwig Building.

Immediate Possession - Springhill Subdivision

by Rachel Morvant

2112 Wellington - Slidell, LA

Immediate Possession...Tile and Hardwood Floors, 9ft. Ceilings, Lavish Master Suite w/ California Style Walk-in Closet, Trey Ceiling, Double Vanities, Whirlpool Tub and 4 Ft. Shower, Grand Foyer, Huge Kitchen w/ Cherry Cabinets and Granite Counter Tops, Formal Dining, Covered Back Porch, 12x10 Storage Unit, Privacy Fenced Yard, One Year Home Warranty!

New HAFA Guidelines and Foreclosure Alternatives

by Rachel Morvant

The Home Affordable Foreclosure Alternative (HAFA), which helps eligible homeowners by pre-approving the short sale prior to listing their property, takes effect today, April 5, 2010.  The new guidelines set limits on a lenders response time, the lender forfeits the ability to pursue any deficiency judgment and it caps claims of subordinate lenders. 

In order to be eligible the loan must meet the following criteria: the property must be the borrower’s principle residence, the loan is a first mortgage, the loan originated before January 1, 2009, the mortgage is delinquent or default is reasonably foreseeable, the current unpaid balance is equal to or less than $729,750 and the borrower’s total monthly mortgage payment exceeds 31% of their gross income. 

Servicers/ lenders must consider Home Affordable Mortgage Program (HAMP) eligible borrowers for HAFA within 30 days once the borrower does on of the following: does not qualify for a trial period plan, does not successfully complete a trial period plan, is delinquent on HAMP modification by missing at least two consecutive payments, or the borrower requests a short sale or deed-in-lieu. 

The servicer must proactively notify the borrower in writing of the availability of a short sale and deed-in-lieu.  The borrower then has 14 days to contact the servicer with interest in these options, after which the servicer has no further obligation to extend the HAFA offer.  After this, the servicer will issue a short sale agreement (SSA) and request approval of a short sale (RASS) documents to the borrower in one of two ways: by request of the borrower (or their listing agent) or proactively by servicer/ lender.  If the borrower is not already working with a listing agent, they must find one at this point in order to proceed forward.  Within 14 days of the SSA’s effective date the borrower must sign and return the SSA with their listing agreement and information on any existing subordinate liens.  Within three business days of receiving an offer to purchase, the RASS must be submitted to the servicer/ lender.  Within 10 days of the RASS receipt, the lender must accept or deny the short sale request (RASS).  If it is accepted the listing agent will initialize the approval process and the sale of the house will proceed to a closing.  If it is denied, the servicer/ lender must send notification detailing the reasons for denial to the borrower and the borrower should consult with their listing agent for other foreclosure avoidance options.

These new guidelines will help homeowners and Realtors alike better navigate the short sale process.  Wayne Turner is continually expanding his education in the field of short sales and foreclosures.  In fact, he is among only three Realtors in the New Orleans metropolitan area to obtain the prestigious Certified Distressed Property Expert (CDPE certification).  If you know someone who is facing a foreclosure, please urge them to contact our team today. 

To view the step-by-step HAFA process, click here.

St. Tammany Real Estate Market Update - March

by Rachel Morvant

Realty Trac, an online marketplace for foreclosure information, is reporting that 109 new properties in St. Tammany have been reported as being at least 30 days delinquent on their mortgage payment, which is a 62% increase as compared to February reports.  While these numbers may seem startling, it is important to look at the whole picture of real estate in St. Tammany Parish.

Compared to February, March experienced a 277.42% increase in accepted contracts (234 in March compared to 62 in February) and a 50.43% increase in properties that sold (176 in March compared to 117 in February)!  These numbers are indicative that the market is continually growing stronger and I anticipate real estate sales in St. Tammany Parish to remain robust through the summer months. 

In addition to homes sold, our local MLS reports that as of March 31, there were a total of 2049 single family homes actively on the market in all price ranges in St. Tammany Parish.  While our MLS does not track short sales, it does show that only 109 of all active listings are either bank owned (foreclosures) or owned by a third party (this is typically a relocation company), which equals less than 1% of all homes on the market.  I perceive this as positive news because it means that individuals who are behind on their mortgage payments are finding help either by selling through a short sale, bringing their mortgage current, or by possibly renegotiating payments with their mortgage company. 

If you know someone who has experienced a hardship and could be facing a foreclosure, please urge them to contact our team.  Wayne Turner, a Certified Distressed Property Expert (CDPE) can successfully negotiate a short sale, a real alternative to foreclosure, which can have devastating negative affect to their credit rating, future employment, and security clearances.

For weekly updates on Mandeville real estate, Covington real estate, Madisonville real estate, Abita Springs real estate and Slidell real estate visit the “Home Values” section of our website


Charming Slidell Home - Priced to Sell Fast!

by Wayne Turner

35688 Garden Dr. - Slidell, LA

$139,900 - $98/ sq. ft.

This cozy home features 9 & 10 foot ceilings, spacious split floor plan, a master suite with cathedral ceilings, walk in closets & a garden tub. Screened in porch, neutral colors, huge open kitchen with loads of cabinets and double paned windows throughout.


Displaying blog entries 1-7 of 7





Turner Real Estate Group - 111 N. Causeway Blvd., Suite 101, Mandeville, LA 70448.  985-626-1313. 
Broker licensed in Louisiana and Tennessee. Sales Associates licensed in Louisiana.
Mandeville Real Estate - Covington Real Estate - Slidell Real Estate