What is HAFA-Home Affordable Foreclosure Alternatives program-The huge number of foreclosures in the US is simply too big to ignore. That is why a government-backed program has been released that aims at streamlining Home Foreclosure Alternatives.
Short sales are honorable solutions to foreclosure, and now the government is making them easier, quicker and more accessible through the Home Affordable Foreclosure Alternatives Program, or HAFA.
With one in seven homeowners struggling to make loan payments, distressed homeowners are not alone, and there are Home Foreclosure Alternatives available.
Here are some Bullet Points on the HAFA program.
HAFA Eligibility
At present, the home owner is eligible if all the following conditions are met:
- • Property is borrower’s principal residence
- • Loan is a 1st lien mortgage
- • Originated before Jan 1, 2009
- • Mortgage is delinquent or default is reasonably foreseeable
- • Current unpaid balance is equal to or less than $729,750
- • Borrower’s total monthly mortgage payment exceeds 31 percent of borrower’s gross income
- *information taken directly from HAFA
Incentives for the Distressed Home Owner
- $3,000 to Borrowers for Relocation Assistance
Is your lender participating? Lenders and loan servicers participating in HAFA must sign a participation agreement with Fannie Mae to participate in HAMP by October 3, 2010.
The list of lenders that are participating is constantly growing, please contact us for the most recently update list (there is no fee or charge).
California Short Sale Specialist Luis Montejano and Stephen Munson explain in this clip the more highlights of the HAFA program. Luis Montejano has earned the prestigious Certified Distressed Property Expert and has helped countless Californians avoid foreclosure
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Copyright © 2011 By Stephen Munson & Luis Montejano- Munson Realty| Ask the Realtors-*Ask The LA Realtors-What is HAFA-Home Affordable Foreclosure Alternatives |HAFA,Home Affordable Foreclosure Alternatives,ask the realtors,ask the la realtors*.
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