Complete overview of HAFA Government Program

HAFA:

HAFA is a program primarily designed for homeowners who are unable to stay in their home even with a loan modification under the Home Affordable Modification Program (HAMP). Under HAFA, homeowners may be able to avoid a foreclosure by selling the home as a "short sale" (where the value of the home is less than the remaining amount of the mortgage) or by transferring title to the lender through a process called a "deed-in-lieu of foreclosure."Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.  HAFA uses borrower financial and hardship information already collected under HAMP.

Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds and acceptable closing costs).

Requires borrowers to be fully released from future liability for the first mortgage debt and, if the subordinate lien holders receive an incentive under HAFA, those debts as well (no cash contribution, promissory note, or deficiency judgment is allowed).

Uses a standard process, uniform documents, and deadlines.

Provides financial incentives: $3,000 for borrower relocation assistance; $1,500 for mortgage servicers to cover administrative and processing costs; and up to a $2,000 match for mortgage investors for allowing a total of up to $6,000 in short sale proceeds to be distributed to subordinate lien holders (up to 6 percent of the remaining balance of each junior lien).

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.

The program is scheduled to end on December 31, 2012.

Want to talk to a representative?  Call Now!  877-960-EXIT

 

 

 

Get prequalified now to receive FREE foreclosure assistance through our new short sale relief program!

Here are some of the benefits of our program:

  • No cost attorney representation, we pay for your attorney with no upfront fees or costs to you
  • Up to 3,000.00 relocation assistance as allowed by your mortgage lender
  • Ability to stay in your home for a longer period
  • Avoid long lasting credit damage by avoiding foreclosure
  • No need to deal with your mortgage lender as our legal team and trained staff will act as an intermediary for your benefit

This is not a solicitation for a short sale listing; this is a GUARANTEED sale of your property.  All who qualify will receive an offer to purchase along with the listing agreement.  No waiting.

Inquire now and we will send you more information about our process.

Questions?  Talk to a Professional Today!  Exit out of your Mortgage now! 877-960-EXIT

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