If you don’t have enough money to pay your Bakersfield mortgage and it is time to change to a more inexpensive Bakersfield home, the HAFA program might be right for you. The purpose of the program is to help you sell your Bakersfield property and settle your mortgage debt, if you owe more on your mortgage than your house is worth. A HAFA short sale completely releases you from your mortgage debt after selling the house, so you will not be accountable for the difference between the mortgage and the selling price. The difference is guaranteed to be waived.
This federal government program simplifies the short sale approval process and offers financial incentives to help you with your moving expenses. You may be qualified to receive $3,000–$30,000 in relocation assistance at closing. If you are not the primary resident of your property, you may request that the tenant receive the $3,000 in HAFA relocation assistance. Any additional amount above $3,000 may be paid to you.
Eligibility
You may be eligible for the HAFA program if:
1. your current mortgage was taken out before January 1, 2009.
2. your mortgage is past due or your loan is current but you believe you will miss a payment soon.
3. the unpaid principal balance on the loan is no greater than the following:
•$729,750 for a single-family home
•$934,200 for a 2-unit property
•$1,129,250 for a 3-unit property
•$1,403,400 for a 4-unit property
4. You owe more on your house than it is worth.
5. you are experiencing a hardship such as a job loss, divorce or medical illness and are unable to afford your current home loan.
6. your house is not condemned.
Miguel is a Real Estate agent at Miramar International INC 01736656, covering the greater Bakersfield area.
Phone: 661-717-5856
Email Me
Helping Bakersfield home owners avoid foreclosure with a short sale
Miguel Garcia specializes in short sales in Bakersfield. I am your Bakersfield Short Sale Specialist Realtor and Bakersfield loan modification and distressed property expert. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advise under any circumstance. Seek legal advise and representation in all legal matters.
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