HAFA, or the Home Affordable Foreclosure Alternatives is, is a new program that will change the way short sales are done.  If you or if you know anyone who can take advantage of this program, please call so that we can help you get on with your lives…HAFA Short Course
Did you know that people whose mortgage is more than 31% of their gross income may qualify for up to a $3000 relocation assistance and the lenders are to be incintivized to deal with a $1,000 financial incentive as well as a new short sale streamline process?
Incentives
If lenders participate, they WAIVE their right to deficiency judgment – you walk from the loan debt free!!!
- Provides up to $3,000 for the borrower’s relocation
- Provides for $1,000 lender servicing bonus
- Provides borrower to receive pre approved short sale terms prior to the property listing
- Uses standard forms and time frames to streamline the process
- Caps claims of subordinate lenders (up to 6 cents on the dollar up to $100,000, or about a $6,000 payoff)
Do I qualify?
- Must have principle residence (subject ot 90 day allowance in case borrower moved for new job)
- Must be the first lien and less than $729,750
- Monthly mortgage payments must exceed 31% of borrower’s gross income
- Mortgage is not owned or guaranteed by Fannie Mae or Freddie Mac
Participating Lenders
Wamu, BOA, Wachotovia, Wells, GMAC, etc…