HOME AFFORDABLE FORECLOSURE ALTERNATIVES (HAFA) PROGRAM

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Real Estate Broker/Owner with Maxus Realty Group - Broker 301-246-0001 Broker - Realtor - CEO

 HOME AFFORDABLE FORECLOSURE ALTERNATIVES (HAFA) PROGRAM

HOME AFFORDABLE FORECLOSURE ALTERNATIVES (HAFA) PROGRAM

short sales marylandWhat is "HAFA" Home Affordable Foreclosure Alternative all about??

It is part of the Obama Administration's broad, comprehensive strategy to get the economy and the housing market back on track.

It all started with the making "Home Affordable Program"  offering options for homeowners in distress.

They started with an alternative for refinancing mortgage loans through the Home Affordable Refinance Program (HARP)

They also offered through the Home Affordable Modification Program (HAMP) an attempt for loan modification to assist the homeowner trough these troubling times.

This program in my opinion was not strong enough to assist homeowners in distress and now they have unveiled the HAFA program, bringing an affordable foreclosure alternative to these homeowners/

"Maryland and Virginia Homeowners will benefit with the HAFA  Program"

The HAFA Program becomes effective April 5th 2010, services 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 a Short Sale with the HAFA Program, the homeowner sells the property for less than the full amount due on the mortgage. If the homeowner qualifies for the HAFA Short Sale, the servicer will then approve the Short Sale terms prior to listing the home and then accepts the payoff in full satisfaction of the mortgage.


In case you are wondering. .
What is the difference between a foreclosure and a short sale using the HAFA Program?


 

 

In a short sale 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*


short sales maryland

 

 

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.

 

RealtorFernando Herboso is a Certified Distressed Property Expert 

 

Short Sales Maryland
and a Gold Member Certified Default Resolution SpecialistTM with (CDRS)


 

 

short sales specialist
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

 

 

* 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.

Short Sales Maryland , DC and Virginia

 

 


 

 

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Rainer
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Tiffany Torgan
Harcourts Prestige Properties of La Jolla - La Jolla, CA
Featured on HGTV's New Show! How Close Can I Beach

Hi Fernando,

I would be careful with claiming the homeowner will owe the lender nothing if they short sale...a lot of the lenders are requiring the sellers to sign that they still owe the debt. The seconds are being the worst at letting the debt go!

Apr 05, 2010 02:45 PM #1
Rainmaker
85,498
Samantha Davault
Alexander Chandler Realty - Fort Worth, TX
Fort Worth, TX

Fernando- Thanks for the great info.

Apr 05, 2010 03:50 PM #2
Rainer
236,772
Jeffrey Smith
Author of 'Realtors Guide To Short Sale Success - Eustis, FL
Short Sale Education

Hi Fernando, Great post as always.... Tiffany - I may be mistaken(and I often am) but from what I understand, IF the shortsale is done through HAFA, there is a complete acceptance of the shortsale as payoff of the loan as Fernando mentioned. Of course in a non-HAFA shortsale, the payoff is always subject to the whims of the "investor"

Apr 05, 2010 11:19 PM #3
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Fernando Herboso - Broker for Maxus Realty Group
Maxus Realty Group - Broker 301-246-0001 - Gaithersburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

Tiffany:  Precisely why so many homeowners are reluctant to do a short sale while being misinformed. The new HAFA program specifically states that Lenders now. . 

Accept the Short Sale terms prior to listing the home and then accepts the payoff in full satisfaction of the mortgage.

Apr 05, 2010 11:50 PM #4
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