With one in six homeowners struggling to make mortgage payments, there is someone you know who could use this information!
The Obama Administration’s Making Home Affordable Program includes opportunities to modify or refinance your mortgage. It also includes the Home Affordable Foreclosure Alternatives Program (HAFA) for homeowners who are interested in a short sale or deed-in-lieu of foreclosure.
MAJOR HIGHLIGHTS OF THE NEW HAFA PROGRAM:
- * HAFA was introduced to simplify and streamline the short sale process. HAFA accomplishes this in the following ways:
- · Compliments HAMP by providing viable alternatives for borrowers who are HAMP-eligible · Uses standard processes, documents and timeframes
- · Requires that borrowers be FULLY RELEASED from future liability for the debt ·
- Utilizes borrower financial and hardship information collected in conjunction with HAMP, eliminating the need for additional eligibility analysis ·
- Allows the borrower to receive pre-approved short sale terms prior to the property listing ·
- Homeowners qualify for $3,000 (updated March 26, 2010; was previously $1,500) in Borrower Relocation Assistance after a short sale or deed-in-lieu has been completed (may classify as taxable income in some cases)
- · Lenders pay ALL servicing fees — homeowners have no out-of-pocket expenses
HOW TO APPLY FOR HAFA
- Homeowners interested in utilizing foreclosure alternatives under HAFA are instructed to contact their lender if they meet the eligibility requirements and inform them of their desire to participate
- · Call or email today to get professional help on avoiding foreclosure and how to qualify for the HAFA program
- · Obtain a FREE home value report and values in your neighborhood, click on: www.myhomevaluereportbykw.com
- As a Certified Distressed Property Expert (CDPE), I am trained specifically on how to assist homeowners dealing with financial hardship.
Call today to get your questions answered!
Important links where you can learn more:
1. http://makinghomeaffordable.gov/hafa.html
2. www.cdpe.com
3. http://www.realtor.org/government_affairs/short_sales_hafa
Lorenzo M. Wooten, Jr. Realtor- Residential and Commercial
Keller Williams Preferred Properties
240-737-8196- Office
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