Mobile App

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!  

About Us:
Marshall Carrasco is a short sale expert and owner of Marshall Realty. Marshall Realty provides Short Sale, Foreclosure and Real Estate Services in Reno, NV.  A top producer in the Washoe area, Marshall has been successfully helping his clients to purchase and sell homes for over 14 years. Find relevant articles about short sales, foreclosure, and loan modifications at RenoHelp.org.

Contact Us:     
Marshall Carrasco
Marshall Realty
9740 S. McCarran Blvd #103
Reno, NV 89523
Phone: (775) 787-7400
Email: solutions@marshallrealty.net
Website URL : http://marshallrealty.net/