THE (HAFA) PROGRAM IS NOT A TOOL FOR A STRATEGIC DEFAULT
HOME AFFORDABLE FORECLOSURE ALTERNATIVES (HAFA) PROGRAM HAS BEEN IMPLEMENTED TO ASSIST HOMEOWNERS IN DISTRESS.
In case you are wondering if you can use the "HAFA" Program for a strategic default on your upside down property ?
{Home Affordable Foreclosure Alternative}
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.
Looking at homeowners options to sell a home is difficult when their home is worth a lot less than is owed on the mortgage. Many homeowners have decided that being upside down in a home is not worth it, they decide to stop paying the mortgage and simply they just. . . want out from a bad mortgage
This is known as Strategic Default.
Unfortunately the HAFA program will not be able to help homeowners seeking a strategic default because of one simple reason. . You have to qualify to be allowed in such a program.
Basically you need to prove to them that there is a true hardship and not just an unhappy borrower with a bad mortgage.
"Maryland and Virginia Homeowners could benefit with the new HAFA Program"
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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Thank you for the information. There is a lot of confusion about the program.