More HAFA Help for Military Families

  Some military families have had a hard time qualifying for the Home Affordable Foreclosure Alternatives Program in the past because a ‘permanent change of station’ has not been considered a financial hardship.  However, research has shown that many of those families don’t find themselves in trouble with their mortgage until they get relocated.
In an effort to make life easier for these families, the Department of Treasury recently clarified the guidelines for HAFA.  They were persuaded by the high volume of phone calls from military families to the Homeowner’s HOPE Hotline.  A directive was sent to mortgage servicers on Thursday, "An example of such hardship includes a service member citing a 'Permanent Change of Station' order as the basis for his or her financial hardship when requesting HAFA even if such service member’s income has not been decreased, so long as the service member does not have sufficient liquid assets to make his or her monthly mortgage payments”. 
Holly Petraeus, assistant director of the office service member affairs at the Consumer Financial Protection Bureau notes, "Service members in this situation face an array of tough choices that can include years-long separation from family, foreclosure, and even financial ruin”. 
Whether or not you’re a military family member, if you’re having trouble with your mortgage, take action!  Our office has helped many families avoid foreclosure and start fresh. We can find out if you qualify for HAFA AND a $3,000 relocation fee.  For more information on HAFA visit: http://www.makinghomeaffordable.gov

Courtesy of housingwire.com and California Real Estate Magazine