HOME AFFORDABLE FORECLOSURE ALTERNATIVES

By
Real Estate Agent with Exit Realty Group

Home Affordable Foreclosure Alternatives: what you need to know

by Holly Pring on May 7, 2010

If you’ve read about The Home Affordable Foreclosure Alternatives program (HAFA) and wondered what it could do for you, here’s the scoop.

HAFA allows homeowners to surrender their homes without going into foreclosure. The program is for homeowners struggling to make payments, although even if you are still making payments you can qualify.

The incentives the federal government is offering: up to $3,000 to help sellers relocate; $1,500 to servicers that offer the HAFA program to borrowers; a matching credit for junior or second-lien holders of $6,000 that must be allowed by the first lien holder (the federal government will cover $2,000).

Homeowners benefit from HAFA because they can initiate a short sale without going through a loan modification, or without missing payments. It won’t scar a homeowner’s credit in the way a foreclosure can. A Realtor can initiate the short sale for the homeowner.

Read more about the Home Affordable Foreclosure Alternative—and get the forms—here.

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"When in need; I'll transfer your deed..."

Comments (4)

Kathy Toth
Ann Arbor Market Center Keller Williams - Ann Arbor, MI
Ann Arbor Real Estate Experts - Kathy Toth Team

Holly, thanks for sharing.

May 30, 2010 03:03 PM
Holly Pring
Exit Realty Group - Bernardsville, NJ
CDPE,SFR,ABR When in Need, I'll Transfer Your Deed

My pleasure, hopefully this can help you with your clients...

May 30, 2010 03:10 PM
Randy Schulenburg
Schulenburg Realty, Inc. - Pingree Grove, IL
Schulenburg Realty, Inc.

Good information Holly.  Thanks for sharing.

May 30, 2010 03:25 PM
Holly Pring
Exit Realty Group - Bernardsville, NJ
CDPE,SFR,ABR When in Need, I'll Transfer Your Deed

You are quite welcome. I will post more as I get more information.  The more we all work together the better it'll be for everyone... Have a great night.

May 30, 2010 04:04 PM