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| Home Affordable Foreclosure Alternatives (HAFA) |
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A Quick Overview
- Does not take effect until April 5, 2010
- Pertains to 1st Lien Non-GSE Mortgages
- Utilizes borrower’s financial information through HAMP
- Financial incentives provided to borrowers, servicers and investors
- Sets limits on lender response time
- Lender forfeits ability to pursue deficiency judgment
- Caps claims of subordinate lenders
Requirements
Loan is eligible if all of the following conditions are met:
- Property is borrower’s principal residence
- Loan is a 1st lien mortgage
- Originated before Jan 1, 2009
- Mortgage is delinquent or default is reasonably foreseeable
- Current unpaid balance is equal to or less than $729,750
- Borrower’s total monthly mortgage payment exceeds 31% of borrower’s gross income
Incentives
- $3,000 to Borrowers for relocation costs
- Will be deducted from gross sale proceeds at closing
- $1,000 to Servicers for administration and processing fees
- Servicer may not charge borrower any processing fees and MUST pay all out-of-pocket expenses
- $1,000 to Investors for subordinate lien holder payoff
- For every three dollars spent to release liens, buyer or investor is reimbursed one dollar – capped at $3,000
Process & Timelines
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Please contact us for a detailed outline of how the HAFA program works specifically for your mortgage lender and your situation.
Some Potential Benefits Of A Our Short Sale Program:
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Experienced Realtor Representation
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Attorney Negotiations & Representation
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FREE-Absolutely No Fees Or Cost To You
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Mortgage Debt Relief
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Credit Restoration
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Avoid Foreclosure
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Get Cash Back From Bank
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Back Taxes Can Be Eliminated
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Stay In Your Home Longer & Choose A Move Out Date
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Free Moving Truck
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Free Rental Placement Service
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949-388-5194
info@ocshortsalenow.com
text message to 949-279-1644
For A Private Consultation To Review The HAFA Program & The Short Sale Process
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| Loan Modification Or Short Sale? Get A FREE - No Obligation Consultation Today! |
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