Home Affordable Foreclosure Alternatives Program (HAFA) Extended Thru 2013 Ty Leon Guerrero of Team1Realty

Home Affordable Foreclosure Alternatives Program (HAFA) Extended Through 2013

-- Ty Leon-Guerrero of Team1Realty

www.team1realty.comTy Leon-Guerrero Call : 800-533-7107

http://www.team1realty.com/


Making Home Affordable (MHA) Program was introduced by the Obama Administration in 2009 - to stabilize the housing market and help struggling homeowners obtain relief and avoid Foreclosure.


The program consist of several smaller programs including • The Home Affordable Modification Program (HAMP) • The Home Affordable Refinance Program (HARP and HARP 2.0) and • The Home Affordable Foreclosure Alternatives Program (HAFA).


Created in 2009, HAFA is a government-sponsored initiative assisting all Home Affordable Modification Program (HAMP) eligible homeowners in avoiding foreclosure through short sales and deed-in-lieus.


• The HAFA updates will go into effect on June 1, 2012, and will allow more distressed homeowners to seek assistance. • Most importantly, the deadline for submitting for HAFA eligibility will be extended a full year, from December 31, 2012, to December 31, 2013.


Other major changes from March's updates to the HAFA program include: • The removal of occupancy requirements. Previously, HAFA required homeowners to have lived in the property within the last 12 months. • $3,000 relocation incentives will be limited to properties occupied by an owner or tenant at the time of the short sale. • Mortgage payments will be allowed to exceed 31% of the homeowner's gross monthly income. This update will allow a homeowner to stay current on her mortgage and still qualify, minimizing the overall impact to her credit.• Secondary lienholders may receive up to a maximum of $8,500, up from $6,000 previously. • And one of the most dramatic changes: The Credit Bureau Reporting will be Account Status Code 13 (paid or closed account/zero balance) or 65 (account paid in full/a foreclosure was started), as applicable.


With these updates, a homeowner can be current on their mortgage, qualify for HAFA, continue to make their payments, and execute a short sale with minimum impact on their credit!

Fairfield, CA 94533

Call Us : 800-533-7107

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Home Affordable Foreclosure Alternatives Program (HAFA) Extended Thru 2013 Ty Leon Guerrero of Team1Realty

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