Many homeowners may feel that they can no longer afford their home, but want to avoid the negative effects of foreclosure. The Home Affordable Foreclosure Alternatives (HAFA) Program offers homeowners, their mortgage servicers, and investors an incentive for completing a short sale or deed-in-lieu of foreclosure. With these options, under HAFA, a homeowner leaves their home to transition to more affordable housing and alleviate the mortgage debt they owe.
These options are available for homeowners wh 1. do not qualify for a trial mortgage modification under the Making Home Affordable Program; 2. do not successfully complete the trial period for their modification; 3. miss at least two consecutive payments during their modification period; or 4. request a short sale or deed-in-lieu of foreclosure.
In a short sale, the servicer allows the homeowner to list and sell the mortgaged property with the understanding that the net proceeds from the sale may be less than the total amount due on the first mortgage.
Generally, if the borrower makes a good faith effort to sell the property but is not successful, a servicer may consider a deed-in-lieu of foreclosure. With a deed-in-lieu, the borrower voluntarily transfers ownership of the property to the servicer— provided the title is free and clear of mortgages, liens, and encumbrances.
The HAFA Program streamlines both of these options to make them easier for a homeowner to work with their servicer. Under the program, a homeowner can receive $3,000 to help with relocation costs.
Is Your Home Mortgage
Up-Side-Down?
If a loan modification is not an option for you, a Short Sale may be the solution. I have successfully closed Short Sales with: Chase (WAMU), Countrywide, Bank of America, Saxon Mortgage, GMAC, Sun Trust Mortgage and many more.
Call me for more details!
Whether you are buying your very first home, downsizing to a smaller one, or investing on income property, I can assist you. Allow me to walk with you every step of the way, making your transaction an easy and smooth experience. My website contains information that can be very useful; in addition to my property listings and open house schedule, you'll find other information such as online resources for buyers and sellers. There is also a loan calculator for your convenience. If you have any questions about the processes of buying or selling a home or if you need assistance in any way, I can easily be contacted by pressing the email line on the right side of this page.
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Why rent? This is your opportunity to own.
Hayward, CA
Price: $189,000
Bedrooms: 2
Bathrooms: 1
Sq. ft.: 824
Lot size: 5000
