Home Affordable Foreclosure Alternatives HAFA Program
The U.S. government created the HAFA program for homeowners in danger of losing their homes to foreclosure.
The HAFA program is known as the Home Affordable Foreclosure Alternatives Program. HAFA is the acronym for this program.
If you can no longer afford to make the mortgage payments on your home this program might help you. The good part about the HAFA program is that IF your mortgage lender participates in the HAFA program you MAY be eligible for up to $3,000 in relocation money given to you at the closing of your short sale or deed in lieu.
Please note that NOT all lenders participate in HAFA nor do they have to. It is a voluntary program for lenders. All the major big lenders to participate as part of an agreement they made with the government when they got their bail out money.
If you have more than one mortgage on your home both of your lenders must agree to participate in HAFA. Many times your second lien holder is not going to be so amiable but that depends on how much you owe them.
Doing a Florida short sale is a way to participate in the HAFA program. Another benefit of the HAFA program is that you will no longer be responsible for the remaining amount that you would owe your lender. When you do a short sale you still owe the difference between what your mortgage amount is and what you sell the house for. HAFA terms require your lender to release you from any obligation to repay that amount of money and also relieves you of them coming after you later for a judgment.
Doing a short sale has less impact on your credit score than a foreclosure. Very seldom is a foreclosure a better option than a short sale.
The bad part is there is government red tape involved which can drag out the process. If you do not turn in one document within their time frame they can and do many times turn down your HAFA eligibility. This is very important to understand. This is also why it is very important for you to choose a Realtor® who is experienced in listing and negotiating short sales.
You can learn more about the HAFA program on the Making Homes Affordable .gov website.
Contact Nestor Gasset and Katerina Gasset for further information about the HAFA program and if it the right fit for you at 561-753-0135. This is a free confidential call. The call is not recorded. We will go over your foreclosure options so you can decide the best course of action to take for your own individual situation.
Katerina Gasset is the author of http://www.wellingtonfloridashortsales.com. Katerina Gasset is the homeschool mother of 9 children and wife to Nestor Gasset. Katerina Gasset is also a writer, author, speaker, Realtor®, SEO coach, blogging coach and business entrepreneur and consultant.