When you apply for consideration into the HAFA Program..

You will realize that HAMP complements this program when you exhaust your options to modify your loan.

Perhaps your lender has informed you that you cannot qualify for a loan modification with your current situation. Your monthly income becomes the issue.

Complements from HAMP by providing a viable alternative for borrowers ( you! ) who maybe  HAMP eligible but nevertheless unable to keep their home.

It automatically uses the homeowners financial and hardship information already collected in connection with consideration of a loan modification.

Allowing the homeowners (s) to receive pre-approved short sales terms before listing the property that will also include the minimum acceptable net proceeds for your lender.

As one of the first benefits I mentioned in a prior post to this blog. . the lender s are required  by HAFA to fully release the homeowner from  future liability for their mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).

The extra benefit for homeowners. . . .

Realizing that when selling their home, they will need to find another place to live; HAFA provides the following financial incentive:

$3,000 for borrower relocation assistance

HAFA is becoming an easy solution for many underwater homeowners. You should check if your lender participates in this program and follow their procedures.

Our first step when we obtain a short sale listing is to find if our clients can be included. After all , the main benefit in doing a short sale is not these $3,000 . .it is a 100% release of any future deficiency with your lender.

In certain cases . .this could be worth hundreds of thousand s of dollars to you!