MISCONCEPTIONS ABOUT THE (HAFA) PROGRAM . . CASH FOR KEYS?
HOME AFFORDABLE FORECLOSURE ALTERNATIVES (HAFA) PROGRAM HAS BEEN IMPLEMENTED TO ASSIST HOMEOWNERS IN DISTRESS.
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.
Just because this program pays the homeowner $3,000 relocation expenses at closing does not mean that the HAFA Program is a CASH FOR KEYS directive.
A traditional short sale or a HAFA short sale and Deed in Lieu Of Foreclosure are still the last 2 OPTIONS a homeowner must choose before losing their homes to a foreclosure.
You must (at all costs) seek a modification on your loan first. . . the Government is not in the business of helping the banks, the HAFA Program is for the homeowners in distress that have exhausted all possibilities in saving their homes and they are now in the path of a foreclosure.
The two options are. . .
- Short Sale
- Deed In Lieu Of A Foreclosure
The HAFA Program short sale is the best option for the homeowners now. .
It gives them $3,000 and it completely eliminates a deficiency judgment from the shorted amount after they sell their home.
"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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This is good information Fernando, having just taken effect of Monday.