Foreclosure Alternatives (HAFA) Program -
If you can't afford
your mortgage payment and it's time for you to transition to more affordable
housing, theHome Affordable Foreclosure Alternatives (HAFA) program is designed for you. HAFA
provides an option for transitioning out of your mortgage. Commonly known as a short sale. In a short sale, the mortgage company lets
you sell your house for an amount that falls "short" of the amount
you still owe. What's important to note is HAFA offers benefits that make the transition as favorable as
You can get free advice from
HUD-approved housing counselors and licensed real estate professionals.
Unlike conventional short
sales, a HAFA short sale completely releases you from your mortgage debt
after selling the property. This means you will no longer be responsible
for the amount that falls "short" of the amount you still owe.
The deficiency is guaranteed to be waived by the servicer.
In a HAFA short sale, your
mortgage company works with you to determine an acceptable sale price.
HAFA has a less negative effect
on your credit score than foreclosure or conventional short sales.
When you close, HAFA may
provide $3,000 in relocation assistance.
You may be eligible for HAFA if you meet all of
the following criteria:
You have a documented financial hardship.
You have not purchased a new
house within the last 12 months.
Your first mortgage is less
You obtained your mortgage on
or before January 1, 2009.
You must not have been
convicted within the last 10 years of felony larceny, theft, fraud,
forgery, money laundering or tax evasion in connection with a mortgage or
real estate transaction.
The sooner you seek
help, the more options you'll have. If this is the first time you've worked
with your mortgage company, they will want to ensure that you have been
considered for other options to keep your home before they move forward with
HAFA. I am part of a network that has performed over 1,000 short sales for sellers needing this service. If you would like to discuss a short sale, and all of your other options for avoiding foreclosure, I can help! Give me a call if you would like to explore this further.
Blog submitted by: Ron Cooks of The Real Estate Market Place
– Servicing the Greater Fort Hood area which includes: Killeen, Harker Heights,
Temple, Belton, Copperas Cove and Nolanville. Feel free to call if you have any
questions regarding Central Texas Real Estate. (254) 702-0064
Author:Ron Cooks Phone: 254-702-0064 Dated: November 10th 2014 Views: 1,324 About Ron: I’m a retired Army Warrant Officer that served our nation for 25 years. I was born and reared in ...
My last post covered the benefits of hiring a realtor. By now, yo
"I love the service my family and I received at The Real Estate Market Place, We were recommended by the Dave Ramsey program. Our Realtor took a lot of time with us and was very patient to go through every option with us. We felt they were always keeping our best interest in mind. He was always friendly and honest. We could have bought a far more expensive house but he encouraged us to make a wise finical decision that would not overwhelm us. We had a wonderful experience!