HOW DO I QUALIFY FOR THE (HAFA) PROGRAM ?
HOME AFFORDABLE FORECLOSURE ALTERNATIVES (HAFA) PROGRAM HAS BEEN IMPLEMENTED TO ASSIST HOMEOWNERS IN DISTRESS.
What are the qualifications to get into the "HAFA" Program ?
{Home Affordable Foreclosure Alternative}
Qualifying for HAFA?
A loan must meet the basic eligibility criteria for HAFA if all of the following conditions should be met:
- The property is the borrower’s principal residence.
- The mortgage loan is a first lien mortgage originated on or before January 1, 2009.
- The mortgage is delinquent or default is reasonably foreseeable.
- The current unpaid principal balance is equal to or less than $729,7501 for a single family property; $934,200 for a two unit property; $1,129,350 for a three unit property or $1,403,400 for a four unit property.
- The borrower’s total monthly mortgage exceeds 31 percent of the borrower’s gross income.
"Maryland and Virginia Homeowners will benefit with the HAFA Program"
The HAFA Program became effective April 5th 2010, servicers may participate immediately, or as soon as is practical. The primary options available through HAFA include Short Sale and Deed-in-Lieu of Foreclosure.
In a Short Sale with the HAFA Program, the homeowner sells the property for less than the full amount due on the mortgage. If the homeowner qualifies for the HAFA Short Sale, the servicer will then approve the Short Sale terms prior to listing the home and then accepts the payoff in full satisfaction of the mortgage.
In case you are wondering. .
What is the difference between a foreclosure and a short sale using the HAFA Program?
In a short sale with HAFA you SELL YOUR HOUSE and you owe the lender nothing!
In a Foreclosure.YOU LOSE IT ! and you get a deficiency judgment filed against you*
Click on my eBook about Short Sales.. .to have a clearer vision if you could use a SHORT SALE in order to begin a new fresh start.. .you must have a hardship to qualify.
Fernando Herboso is a Certified Distressed Property Expert
and a Gold Member Certified Default Resolution SpecialistTM with (CDRS)
You can call (Fernando Herboso) directly @ 240-898-1848 ext #1 or email : Fernando@Herboso.com
We can help you directly in Maryland, DC or Virginia
If outside our area. ..we can guide you to a local true professional that cares and loves helping people avoid
foreclosure as much as we do!
Just give me a call or email to Fernando@Herboso.com
More about short sales in Maryland using the HAFA Program
* Depending in the state you live in. . in Maryland the lender will file a petition to the court for a deficiency judgment against the homeowner.
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Thanks for the post