HAFA stands for Home Affordable Foreclosure Alternatives Program. It is a program created by the U.S. Government to provide methods of avoiding foreclosure for home owners, who can't locate assistance through a mortgage adjustment program like Home Affordable Modification Program (HAMP). HAFA instead provides aid through a short sale or deed-in-lieu of foreclosure. Homeowners can mediate short sales with their lender outside of the HAFA program, but if a home owner qualifies, they gain substantial perks the program yields that can make the selling process easier and protect the home owner. These include: $3000 for relocating, release from future liability on the first mortgage, and short sale preapproval. How do I find out if I qualify? In order to find out if you qualify for HAFA, you must get in contact with the lender that holds the mortgage. However, there are some fundamental requirements to be aware of before applying. These include: 1. Borrowers must be more than 60 days past due. 2. The property must be a single-family house. 3. The home owners must have less than $5,000 in cash reserves or three times their mortgage payment, whichever is greater. 4. The house must be their primary residence and they must be occupying it. To learn more about Home affordable foreclosure alternatives program, ask a Realtor, real estate attorney, short sale specialist, or bank representative.
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Wilmington NC Short Sale Help Travis Best Coldwell Banker Sea Coast Realty Direct: (910)231-3385 Office:(910)202-2526 TravisBest@SeaCoastRealty.com www.TravisBest.com
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