HAFA Updates – Now More Boise Homeowners Can Avoid Foreclosure
The Treasury Department announced that the Home Affordable Modification Program (HAMP) - which is the sister program for HAFA - was extended by one (1) year through December 31, 2013.
This is good news for Boise homeowners who can no longer afford to stay in their homes but fear some of the adverse consequences of a short sale. Not only has the HAFA program been extended, but key provisions have been expanded to allow more Boise homeowners to participate and avoid foreclosure.
Noteworthy changes to the HAFA short sale program include:
· Occupancy requirements have been eliminated so homeowners no longer have to stay in their home to participate in the HAFA short sale program.
· Increased the amount of proceeds that can be paid to secondary loans, up to $8,500, thus increasing the number of short sales that can be approved.
· Homeowners that have the ability and desire can now keep payments current throughout the HAFA short sale process in order to preserve a favorable credit score.
· Loan servicers may now report short sales to credit reporting bureaus under more favorable status codes to show the account was paid or closed, with zero balance or the account was paid in full, a foreclosure was started as applicable.
· Higher treasury paid financial incentives for Fannie Mae and Freddie Mac to forgive principal
If you are looking for more information about short sales in the Boise area click here and learn how a certified distressed property expert can help you avoid foreclosure. Now is an excellent time to sell your home, Boise real estate inventory is low and buyer remains strong and demand is rising as we head into springtime, so don't miss the current real estate market opportunities.