The Home Affordable Foreclosure Alternatives (HAFA) program was developed to give homeowners a way to settle their mortgage debt without going through a foreclosure.The HAFA program started on April 5, 2010 and will end on December 31 2012.
The goal of this program is to help you sell your home in a short sale and settle your mortgage debt if you owe more on your mortgage than your house is worth and are unable to qualify for a home loan assistance program.
This federal government program streamlines the short sale approval process and offers financial assistance to help you with relocation.
Eligibility
You may be eligible for the Home Affordable Foreclosure Alternatives program if:
the property is your current principal residence, OR the property has been vacant or rented out for less than 12 months, and you have not bought another principal residence during that time.
the amount you owe on your first mortgage for your property is equal to or less than:
$729,750 for 1 unit
$934,200 for 2 units
$1,129,250 for 3 units
$1,403,400 for 4 units
you owe more on your home than it’s worth
your current mortgage was taken out on or before January 1, 2009
you are experiencing a hardship (such as a job loss, divorce or medical emergency) and are unable to afford your current home loan
While a short sale will still have a negative effect on your credit, it generally takes less time to complete than a foreclosure, so your reported delinquency could be shorter. As a result, your credit may improve faster. If a short sale is completed on your property, we will report that your loan was "paid in full for less than the full balance."
You should contact a tax professional to gain an understanding of any tax implications.
If you are behind on payments and need someone to help you understand the different options that are availalbe to you give us a call.
The only thing it will cost you is a little time to call or email!
---The Schieffer Real Estate GroupMurrieta, Temecula and Menifee REALTORSKeller Williams Realty(888) 316-1496Visit The Schieffer Group's Website---Murrieta, CA Real Estate, Condos, Homes for SaleTemecula, CA Real Estate, Condos, Homes for SaleMenifee, CA Real Estate, Condos, Homes for Sale---
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The Schieffer Group @ 6:59 AM
