HAFA - Home Affordable Foreclosure Alternative Program
Home Affordable Foreclosure Alternative
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.
HAFA Program to Homeowners: How HAFA Can Help You. . .
Most homeowners were unable to take advantage of the HAMP program to modify their loans and the foreclosures kept coming and coming. . .The government stepped in and created the HAFA Program
When a borrower applies for a loan modification and they simply can not afford the payments. .HAFA is for you
If the loan modification terms are unacceptable to the homeowner. . .HAFA is for you
If you were accepted into the HAMP program and you have missed payments already during your trial period. . HAFA is for you
Before HAFA, these borrowers simply were usually headed for a foreclosure.
HAFA gives you a viable alternative to foreclosure.
The homeowner must request an approval for a short sale. .
Read who can qualify for a HAFA Short Sale
HAFA also imposes limits on the lender to help the borrower. Under the terms of this program, a lender must release the borrower from all future liability for the first mortgage debt. The lender may not ask the borrower for cash or a promissory note, and the lender may not ask a court for a deficiency judgment.
All the documents have been standardized and procedures, time frames, and deadlines have been streamlined under HAFA to make the process smooth and easier for both borrowers and lenders.
HAFA also will provide a $3,000 incentive for Relocation Costs to the homeowner
Read about the $3,000 HAFA incentive here.
Participation in the HAFA program is not a right but a privilege. . .
You will need the services of a well informed Realtor experienced in short sales to help you during this complicated process.
"Maryland, Washington DC and Virginia Homeowners could benefit with the new HAFA Program"
Please contact Marcus for a free consultation and we will work with you to either help you save your home or sell it.
The Marcus & Tonya Rice Team specializes in Richmond, Va, Henrico County, Chesterfield County, Powhatan County, Hanover County, Petersburg, Colonial Heights, and Fort Lee Homes and Real Estate for sale. We are tech savy realtors with over 11 years experience. Please join us on our Social Networking Network to stay up to date on Richmond Virgina real estate news and more...