HOW DO I QUALIFY FOR THE NEW (HAFA) PROGRAM in MARYLAND?

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

 HOW DO I QUALIFY FOR THE  (HAFA) PROGRAM ?

HOME AFFORDABLE FORECLOSURE ALTERNATIVES (HAFA) PROGRAM HAS BEEN IMPLEMENTED TO ASSIST HOMEOWNERS IN DISTRESS.

short sales marylandWhat are the qualifications to get into the "HAFA" Program ?

  {Home Affordable Foreclosure Alternative} 

Qualifying for HAFA?
 
A loan must meet the basic eligibility criteria for HAFA if all of the following conditions should be met:
 

  • The property is the borrower’s principal residence.
  • The mortgage loan is a first lien mortgage originated on or before January 1, 2009.
  • The mortgage is delinquent or default is reasonably foreseeable.
  • The current unpaid principal balance is equal to or less than $729,7501 for a single family property; $934,200 for a  two unit property; $1,129,350 for a three unit property or $1,403,400 for a four unit property.  
  •  The borrower’s total monthly mortgage exceeds 31 percent of the borrower’s gross income.


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

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.

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. 


short sales maryland
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*

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

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.

Short Sales Maryland , DC and Virginia

 

 


 

 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Shirley Soforic 11/26/2010 03:44 AM
Topic:
Real Estate General Information
Location:
Maryland Montgomery County
Groups:
Short Sales
Short Sale Specialists & Pre-Foreclosure Education
Short Sale REALTORS®
Short Sales Pre Foreclosures Bankruptcy and More!
Tags:
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Rainmaker
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Abraham Valentino
iMetros.com Corporation - San Francisco, CA
Founder CEO iMetros.com & Nummus ICO

Thanks for the post

 

Apr 06, 2010 12:33 AM #1
Rainmaker
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Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Fernando--Excellent post.  Your examples make easier for all to understand the difference between short sale and foreclosure.  Thanks.

Apr 06, 2010 02:28 AM #2
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Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Awesome Awesome resource for Maryland short sellers and the HAFA program Fernando.  Best of luck with your guess ;)

Apr 06, 2010 10:35 AM #3
Anonymous
rogger.bank

sangambayard-c-m-com

Apr 07, 2010 05:32 AM #4
Rainer
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Loren Keim
Century 21 Keim - Allentown, PA

Thanks for the nice article!

Apr 10, 2010 12:14 AM #5
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Fernando Herboso - Broker for Maxus Realty Group

301-246-0001 Serving Maryland, DC and Northern VA
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