The Home Affordable Foreclosure Program
A HAFA, a Home Affordable Foreclosure Program, is a short sale or deed-in-lieu foreclosure.
Its benefit is that the homeowner will not be responsible anymore for the difference between the amount owed on the mortgage and the amount the home will sell for.
A homeowner also receives $3,000 for relocation aid upon a successful closing of the deed-in-lieu or short sale.
In accordance of the program, the lender could offer a homeowner short sale or deed-in-lieu foreclosure.
As a part of the short sale agreement, the homeowner or borrower will have time to sell the home in a minimum of 120 days.
Upon a successful sale, the borrower will be free of all liability that is associated with unpaid mortgage.
Furthermore, the borrower will also receive relocation help.
If the mortgage chooses a deed-in-lieu, the borrower should leave the property by a fixed date since the property should be in saleable condition.
The mortgage lender should also provide the borrower full release of the claims and debt against the home.
You could be eligible to apply if you live in the home or have lived in it for the last twelve months and have documented financial difficulties.
Moreover, you have not bought a new home within the last twelve months and your first mortgage is lower than $729,750.
The mortgage have been obtained on or before January 1 of the year 2009 and you are not convicted of felony larceny, fraud, forgery, tax evasion and money laundering for the last ten years that is related to a real estate transaction.
The mortgage provider could not solicit the borrower for the HAFA program not unless they are first considered for a modification of mortgage or other programs being offered.
Furthermore, there are also other requirements that should be met to be eligible for the HAFA.
If the mortgage provider is a participant of the program, it should consider all qualified homeowners before starting a foreclosure proceeding.
The Home Affordable Foreclosure Alternative provides further options to avoid expensive foreclosures and provide incentives to homeowners or borrowers, investors and servicers who use a short sale or deed-in-lieu to prevent foreclosure.
The HAFA program streamlines and simplifies the deed-in-lieu or short sale process through providing a standard process flow, standard documentation and performance timeframes.
Every lender will require you to fill out a financial form that you should submit to them.
They will use this financial form or statement to determine your eligibility for a loan modification.
In order to complete the financial statement, you need to access your bank statements, monthly bills and recurring expenses to accurately document all your assets and liabilities.
The HAFA offers great opportunity for every homeowner.
Nevertheless, depending on the mortgage company, some may have to wait for a while longer than others.
This program truly benefits those who are in the wake of losing their homes.
Nonetheless, just like anything else, it also has its drawbacks and limitations.
Homeowners could still lose their homes later on.
Its benefit is that the homeowner will not be responsible anymore for the difference between the amount owed on the mortgage and the amount the home will sell for.
A homeowner also receives $3,000 for relocation aid upon a successful closing of the deed-in-lieu or short sale.
In accordance of the program, the lender could offer a homeowner short sale or deed-in-lieu foreclosure.
As a part of the short sale agreement, the homeowner or borrower will have time to sell the home in a minimum of 120 days.
Upon a successful sale, the borrower will be free of all liability that is associated with unpaid mortgage.
Furthermore, the borrower will also receive relocation help.
If the mortgage chooses a deed-in-lieu, the borrower should leave the property by a fixed date since the property should be in saleable condition.
The mortgage lender should also provide the borrower full release of the claims and debt against the home.
You could be eligible to apply if you live in the home or have lived in it for the last twelve months and have documented financial difficulties.
Moreover, you have not bought a new home within the last twelve months and your first mortgage is lower than $729,750.
The mortgage have been obtained on or before January 1 of the year 2009 and you are not convicted of felony larceny, fraud, forgery, tax evasion and money laundering for the last ten years that is related to a real estate transaction.
The mortgage provider could not solicit the borrower for the HAFA program not unless they are first considered for a modification of mortgage or other programs being offered.
Furthermore, there are also other requirements that should be met to be eligible for the HAFA.
If the mortgage provider is a participant of the program, it should consider all qualified homeowners before starting a foreclosure proceeding.
The Home Affordable Foreclosure Alternative provides further options to avoid expensive foreclosures and provide incentives to homeowners or borrowers, investors and servicers who use a short sale or deed-in-lieu to prevent foreclosure.
The HAFA program streamlines and simplifies the deed-in-lieu or short sale process through providing a standard process flow, standard documentation and performance timeframes.
Every lender will require you to fill out a financial form that you should submit to them.
They will use this financial form or statement to determine your eligibility for a loan modification.
In order to complete the financial statement, you need to access your bank statements, monthly bills and recurring expenses to accurately document all your assets and liabilities.
The HAFA offers great opportunity for every homeowner.
Nevertheless, depending on the mortgage company, some may have to wait for a while longer than others.
This program truly benefits those who are in the wake of losing their homes.
Nonetheless, just like anything else, it also has its drawbacks and limitations.
Homeowners could still lose their homes later on.
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