HOME AFFORDABLE FORECLOSURE ALTERNATIVES (HAFA)
UPDATES AND EXTENSION: EFFECTIVE JUNE 1, 2012
The Home Affordable Foreclosure Alternatives (HAFA) Program is a government-sponsored initiative overseen by the US Treasury Department and administered by Fannie Mae assisting all Home Affordable Modification Program (HAMP)-eligible homeowners in avoiding foreclosure, specifically through short sales or deeds-in-lieu of foreclosure. In my last blog, I gave a brief explanation of what (HAFA) is and this blog is to let you know of the recent changes to this wonderfull government program.
As of February 1, 2011 | Changes as of June 1, 2012 | ||
Deadline Extension | Deadline was Dec. 31, 2012. | Deadline is Dec. 31, 2013. | |
Occupancy Requirements | Homeowners must have lived in the property within the previous 12 months. | There are now no occupancy requirements and borrower cannot have purchased a residential property in previous 12 months. | |
Relocation Assistance | $3,000 granted to homeowners after completion of short sale or deed-in-lieu. | $3,000 relocation incentives are limited to owner or tenant occupied properties at the time of short sale. | |
Mortgage Payments and Debt/Income Ratio | Mortgage payments on loans may not exceed 31% of the homeowner’s gross monthly income. | Mortgage payments may now be allowed to exceed 31% of gross monthly income if it keeps the homeowner current on their mortgage (at borrowers request). | |
Secondary Lienholders | Secondary Lienholders may receive a maximum of $6,000. | Secondary Lienholders may now receive a maximum of $8,500. | |
Credit Bureau Reporting | No offiial credit bureau coding. | Credit Bureau Reporting will now be"Account Status Code = 13 (Paid or closed account/zero balance) or 65 (Account paid in full/a foreclosure was started) asapplicable. | |
This program was made to give homeowners just like you options to Avoid Foreclosure.
- Is your mortgage currently unaffordable, or will it be in the near future?
- Even with adjusted payment plans? Take this quick survey to see if you qualify!
To learn more about if you are eligible for this program or if a Phoenix Short Sale is right for you...Clickhere for your...
If you feel that you are headed toward Foreclosure, and need Foreclosure Solutions, or if you are avoiding facing that fact, the sooner you reach out for help, the better your options. The impact of Foreclosure in Phoenix, Arizona is huge and the sad fact is that it’s often avoidable with other options and many cases it's usually a Short Sale. The good news is that there are Foreclosure Solutions!
Arthur Wainio
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