In 2009, the Treasury Department introduced the HAFA program to provide a viable option for homeowners who are unable to keep their homes through the existing Home Affordable Modification Program (HAMP). The HAFA program took effect on April 5, 2010 and sunsets on December 31, 2012. Lenders servicing more than 85% of residential loans are signed up for the government created Home Affordable Foreclosure Alternatives or HAFA program. HAFA is the only nationwide foreclosure alternative program adopted by multiple lenders which offers consumers debt forgiveness and relocation support.
You have questions? Here are the answers:
Q: Can you help me understand each of my Foreclosure Alternative options?
A: As Foreclosure Alternatives Specialists we have been specifically trained for that task, equipped with the latest resources, knowledge and relationship support.
Q: How will a short sale / “HAFA” short sale affect my credit?
A: This is the largest obstacle keeping most borrowers from moving forward and as part of our evaluation we explore the impact of each option so that you can make an informed decision!
Q: What are my tax and legal obligations in completing a short sale / “HAFA” short sale?
A: One of the benefits of a HAFA transaction is that your Tax and Legal obligations can be greatly reduced. This is another reason why a HAFA short sale can be a far better alternative.
Q: What documentation will I need to provide for a “HAFA” Short Sale?
A: The necessary documentation is determined by where you are in a given process and your current disposition. By the end of our consultation we will be able to provide you with your options, a simple list of documents and the steps for a successful transaction.
Q: Will you assist me in working and coordinating with my lender to sell my home?
A: Yes! As a Specialist, we have intimate knowledge of the processes, obstacles, and timeliness necessary to ensure the best possible outcome with your lender.
The government has created HAFA to protect consumers and help them gain a fresh start. HAFA should be considered by every potentially eligible individual or family and this can only be accomplished if the real estate professional working with you is knowledgeable about the program and how it works.
HAFA Specialists are real estate professionals like us who have invested in staying up-to-date on the latest HAFA guidelines; know the detailed steps to be followed in a HAFA transaction, and understand the necessary documents, timelines and key failure points to be addressed.
If you want to explore this program – go here but don’t wait! Timeliness is critical in a HAFA/shortsale program. Call Now if you need help. We can guide you through the process. There’s no cost or obligation.
