HAFA Program

 

HAFA PROGRAM

 

 

The US Treasury Department created the HAFA Program as an option for Homeowners that did not qualify for the existing HAMP-Home Affordable Modification Program.  HAFA began on April 5, 2010 and is scheduled to end on December 31, 2012.

 The HAFA Program works like this:

  •  Homeowner LISTS their Home with a Real Estate Agent
  • HAFA PROGRAM sets a Price and Clear TIME LINE for the transaction to process
  • Gives $$$ Incentives to the HOMEOWNER & LENDER upon Closing of Short Sale

 

HAFA PROGRAM INCENTIVES

  • Homeowner receives $3000 at Closing of the Short Sale For Relocation Expenses.
  • Lender must FORFEIT their right to pursue a Deficiency Judgment~
    FULLY FORGIVING BORROWER OF UNPAID DEBT
  • Loan Servicers receive $1500 for the Successful Completion of the Short Sale File
  • Investors receive $1 for every $3 paid to the second position Lien holder up to a maximum of $2000 total.
  • These MONETARY INCENTIVES provided by the US Treasury Department HELP all parties involved.

 

       HAFA PROGRAM REQUIREMENTS

  • Loan CANNOT be an FHA or VA Loan
  • Property must be Borrower’s Primary Residence in the last 12 months
  • Loan is a First Lien Mortgage
  • Loan Originated BEFORE January 1, 2009
  • Mortgage is Delinquent or Default is reasonably foreseeable
  • Unpaid Balance is Less than $729,750
  • Borrower’s TOTAL Monthly Mortgage Payments Exceed 31% of Gross Monthly Income

 

Powered by WordPress. Designed by WooThemes