HAFA updates...Home Affordable Foreclosure Alternative

This is the Short Sale program that once qualified for, a homeowner may receive a $3,000 incentive payment at closing as well as have their deficiency waived:

The Obama Administration has announced updates to its HAFA Program which will help expand the amount of struggling homeowners that will be eligible for these programs as well as provide additional guidance for loan servicers.

HAFA allows you to transition from a home you can no longer afford. One option under HAFA is being able to do a short sale on your home without having to pay the deficiency balance after you sell it. The HAFA program offers $3000 in relocation assistance. In March 2012, the following updates were made to the HAFA Program:

• The deadline for HAFA has been extended. A borrower now has until December 31, 2013 to submit a Short Sale Agreement or a written request for a consideration for a Short Sale Agreement to be eligible for HAFA.
• There are no longer any occupancy requirements for HAFA eligibility. (Before the update the property had to be occupied as the borrower’s primary residence at some point within the prior 12 months).
• 2nd liens can now get up to $8,500. (It was $6,000).
• Servicers can now accept a full payment, if the borrower requests to make a full contractual payment in order to stay current on the loan.

If you are upside-down on your mortgage and you'd like to see if you qualify for this great program, call me directly at 561 602-1258. Or you can email me.

Thanks for reading...Steve Jackson