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HAFA - Home Affordable Foreclosure Alternatives
Primary Residence Homeowners qualify to submit an application for HAFA or Home Affordable Foreclosure Alternatives. HAFA Government program is a federal government program that could give a seller up to $3,000 in relocation expenses whilst requiring your lender to review your short sale request before foreclosing. Whats more, you are forgiven the deficiency. The aim of the HAFA program is to facilitate the short sale of a home and to assist the homeowner in avoiding foreclosure by settling the mortgage debt.
In October 2011 HAFA Eligibility was modified.
There are a few requirements for eligibility. 1. The home should be the major property or prior to the HAFA application, should have been either rented out or unoccupied for 12 months or less and the homeowner has not bought an alternative principal residence. 2. The first mortgage cannot have an outstanding balance in excess of $729,750 for one, $934,200 for two, $1,129,250 for three or $1,403,400 for four units. 3. The balance outstanding on the mortgage is more than the home's current market value. 4. The mortgage onset date must be prior to 1 July 2009. 5. The mortgage either needs to be in default, or is likely to be in the immediate future. 6. The bank is prepared to subscribe to the HAFA program.
Nearly all banks I work with routinely review for HAFA short sale eligibility, if it becomes aware that the home is homeowner's principal residence, but be cautious and do not assume the bank will know you are eligible. Besides, if the bank already began a regular short sale review, it will stop and begin again under HAFA guidelines slowing down the approval process.
You must apply for HAFA consideration when filing for short sale approval and in the hardship letter. You or your negotiator must particularly ask for the HAFA $3000 moving incentive and deficiency forgiveness, as well.
HAFA is the alternative in some cases to the federal government program called HAMP or Home Affordable Modification Program. Therefore, I also propose streamlining the HAFA application by immediately disclosing to the bank that a loan modification review is NOT needed before a HAFA application review as the homeowner will not qualify for a loan modification due to job loss, income reduction, retirement or the household income is not enough to cover the monthly debt payments.
HAFA can work for you. A recent client of mine was a retired grandmother who became ill and was unable to pay her mortgage. For over 2 years she fought the foreclosure. She met all the HAFA requirements and received $3,000 in federal incentives; plus, $15,000 in bank incentives to short sale. After losing all her life savings in the battle to save her home, she now had the &18,000 and her forgiven loan balance and was able to safely relocate to a new home.
Recently, I was working with a homeowner that was "pre-approved" for HAFA and was told that if he received an offer at the required price, the short sale process would be faster. Sadly, that did not take place. The offer became "lost" in the system. It is not clear if that was because the homeowner was "pre-approved" prior to receiving an offer or bank error, but bear in mind that "faster service" in this incidence may not be advisable.
In another incidence, a homeowner client received a HAFA approval letter stating the purchase offer would be reviewed and responded to in 10 days. Again this response on the buyer's offer amount is still pending and we are approaching 30 days. In both these cases it was a Bank of America Loan. So don't take for granted the language or claims made by a bank are accurate.
In conclusion, unless the homeowner qualifies for one or more of the above HAFA specifications, do not even try and submit an application as this will result in slowing your short sale down. Bear in mind, short sales have lots of advantages even if the homeowner does not meet the HAFA qualifications.
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Primary Residence Homeowners are eligible to apply for HAFA or Home Affordable Foreclosure Alternatives. The HAFA government program affords sellers with relocation expenses up to a maximum of $3,000 and at the same time, your mortgage lender is under obligation not to foreclose until they have assessed your short sale application. Additionally, your deficiency is forgiven.
Home Affordable Foreclosure Alternatives, also referred to as HAFA, is accessible to Primary Residence Homeowners upon application. HAFA Government program is a federal government program that could grant a seller up to $3,000 in relocation expenses whilst requiring your lender to look at your short sale request before foreclosing. Moreover, your deficiency is forgiven.
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