Extension to HAFA Program Signals Another Year of Help Available For Greater New Haven Homeowners
When the housing market crashed in 2008, millions of homeowners suddenly found themselves in danger of losing their homes to foreclosure. To help these homeowners, in 2009 the U.S. Treasury launched the Making Home Affordable (MHA) program, which is comprised of several subprograms designed to help distressed homeowners avoid foreclosure.
The Department of Treasury recently approved, in supplemental directive 12-07, that the Home Affordable Foreclosure Alternatives program, or HAFA, has been extended for another year through the end of 2013.
One of the most talked about elements of the MHA program is the Home Affordable Foreclosure Alternatives program, or HAFA. The HAFA program provides options for Greater New Haven homeowners who owe more on their mortgage than the property is worth and are in danger of foreclosure, primarily through short sales and deed-in-lieu. Even better, it allows relocation assistance of $3,000 to be paid to eligible homeowners in the Greater New haven area to help them move on from a difficult financial situation with some money in their pocket.
A short sale occurs when the bank agrees to buy the home for less than is owed on the mortgage. In many cases, this is the best option for the bank and the homeowners. HAFA creates guidelines which banks and servicers must adhere to in order to execute a short sale.
HAFA also helps the process go more quickly by mandating that banks keep in contact and make decisions in a timely fashion.
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Copyright © 2013 by Donna Bigda, All Rights Reserved ...*Extension to HAFA Program Signals Another Year of Help Available For Greater New Haven Homeowners*
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