Home Affordable Foreclosure Alternatives Program (HAFA) Extended Thru 2013 - Ty Leon of Team1Realty
07-Apr-2012 | News-Press Release
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!
Team1realty.com is your Home and Land Specialist. Ty Leon-Guerrero is the Broker/Owner of Team1Realty. Search all MLS real estate homes for sale in Solano County, Napa County, Contra Costa County, Sonoma County, Sacramento County plus foreclosures, condos and short sale listings, stop foreclosure, avoid foreclosure, short sale help.
Ty Leon Guerrero
Real Estate Expert at Team1Realty
Fairfield, CA 94533
Website URL: http://www.team1realty.com/
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