A DIGNIFIED EXIT WITH THE (HAFA) PROGRAM ?
HOME AFFORDABLE FORECLOSURE ALTERNATIVES (HAFA) PROGRAM HAS BEEN IMPLEMENTED TO ASSIST HOMEOWNERS IN DISTRESS.
What exactly is a dignified exit using the "HAFA" Program ?
{Home Affordable Foreclosure Alternative}
This new program that came into effect just 3 days ago will help many homeowners that are currently upside down on their homes.
With HAFA, the bank has to approve not only the individual doing the short sale but the price of the property.
The U.S. Treasury was an instrumental part to enact such a program.. .it will simplify the short sale process.
Under the new rules, banks will have to pre-approve the home price and the person doing the short sale, so when the home hits the market it will be AN APPROVED SHORT SALE and it's ready to be sold.
Now the best part is this. . are you ready?
Banks will also have to process the short sale in 10 days !!
The Government will give a cash incentive to the homeowner selling the property. . $3,000 Relocation costs!!
And of course the bank will get cash as an incentive to streamline the process.
The best part of this program is that Lenders will not pursuit a deficiency judgment against the homeowners and they allowed to simply walk away. . .(with $3,000 in their pocket and a chance for a new beginning)
This is what I call a dignified exit for many homeowners that have struggled for so long, exhausting their savings in a futile attempt to save a sinking home. . .
"Maryland and Virginia Homeowners could benefit with the new 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 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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We have our fingers crossed that this works according to plan...