Home Affordable Foreclosure Alternative Program (HAFA)

Category: Short Sales | Permalink

Published: Tuesday, March 22, 2011

Taking effect April of 2010, the HAFA program provides a feasible option for homeowners not able to keep their homes through the offered Home affordable modification program (HAMP) or mortgages owned by Fannie Mae or Freddie Mac. The HAFA program will be ending in December of 2012, so if you or your family meets the required criteria below, now is a great time to investigate your option with HAFA.

Eligibility

Meeting all of the criteria below may make you eligible for the HAFA program. The information below is strictly for your guidance only, please contact your mortgage servicer to see If you qualify.

You reside in or have lived in the home within the last 12 months
Documented financial hardship
Your first mortgage is less than $729,750
Within the last 12 months you have not purchased a new home
No felony convictions within the last 10 years of larceny, fraud, forgery or theft. No convictions of money laundering or tax evasion associating with a real estate or mortgage transaction.
Your mortgage was attained on or before January 1, 2009

What are the Benefits of HAFA?

The greatest benefit of using the HAFA program is that homeowners are no longer financially responsible for the difference between the amount you owe on your mortgage and the amount for what the home sells for.

With a loan eligible for modification under the HAMP program financial incentives are handed out with the HAFA program in connection with a short sale or a deed-in-lieu of foreclosure.

Such incentives as:

$3000 for borrower relocation
$1500 given to cover administrative and processing fees
Up to $2000 for investors allowing a total of up to $6000 of proceeds from a short sale to be dispersed to subordinate lien holders (on a 1 for 3 matching basis).
Utilizes hardship information previously collected in such that a consideration of a loan modification has already occurred.
Pre-approved short sale terms received prior to listing the home ( like the minimum acceptable net proceeds)
No future liability to the first mortgage debt ( no cash contribution, promissory note, or deficiency judgment is allowed)
Standard documents used, processes and time frames and deadline dates.

Pacific Coast Reality Group can assist you in further discovering the benefits for you by way of the HAFA program for your short sale in Temecula or Murrieta, CA or foreclosure needs. Contact an Riverside, CA Agent Today at 951-695-9555

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