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In 2009, the Treasury Department introduced the HAFA program to provide a viable option for homeowners who are unable to keep their homes through the existing Home Affordable Modification Program (HAMP). The HAFA program takes effect on April 5, 2010—although some servicers may implement it sooner, if they meet certain requirement--and sunsets on December 31, 2012. HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification under the HAMP program. Servicers participating in HAMP are also required to comply with HAFA. (Make sure to download the HAFA brochure located at the bottom of the page) HAFA Provisions - Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.
- Uses borrower financial and hardship information already collected in connection with consideration of a loan modification.
- Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).
- Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).
- Uses standard processes, documents, and timeframes/deadlines.
- Provides the following financial incentives:
- $3,000 for borrower relocation assistance;
- $1,500 for servicers to cover administrative and processing costs;
- Up to $2,000 for investors who allow a total of up to $6,000 in short sale proceeds to be distributed to subordinate lien holders, on a one-for-three matching basis.
- Requires all servicers participating in HAMP to implement HAFA in accordance with their own written policy, consistent with investor guidelines. The policy may include factors such as the severity of the potential loss, local markets, timing of pending foreclosure actions, and borrower motivation and cooperation.
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| Bad things happen to good people so I want to help you market and sell your home today at no cost to you! |
Here are your options if you are currently behind or think you are going to fall behind on your mortgage payments Forbearance Agreement - This is a payment program that is set up and approved on at the bank level. * 1/2 of the total due within 7 days of acceptance * 1/2 of the total due in payments over 6 - 12 months Loan Modification - This is an internal refinance with the bank. * 1st payment due immediately * Remainder of amount owed is added to the end of the loan Deed In Lieu - This is a voluntary foreclosure. Your basically giving you house back to the bank. * Voluntary foreclosure is a "foreclosure" same thing and will stay on your credit for 7 years Last Option Short Sale!!! |
Online Reports
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To enhance your selling experience, it’s my job as real estate professional to provide you with as much valuable information as possible. It is essential that the seller be aware of all aspects of the real estate market before making a major decision. Whether it be through newsletters, checklists or news articles, I am here to make this process stress-free and rewarding. Please access our free reports today! To insure you receive this document you must enter the correct information below. Thank you and I am looking forward you helping you in this difficult time.
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