HAFA Government Guidelines: Click here for HAFA , HAMP, HARP, 2MP… Government Programs … Check Your Eligibility Now.
This is a huge deal:
Many Sacremento area homeowners have questions about HAFA; the newest government short sale program and how it will help Stop Sacramento Foreclosures. This newest Government Anti-foreclosure program has been in the news lately and many homeowners with Bank of America, US Bank, Citibank, Chase, Wachovia and many other servicers have been getting letters from their bank that explain the HAFA program and who qualifies for HAFA.
Here’s a summary for HAMP and HAFA:
Understand that THE HAFA PROGRAM, first of all, goes hand in hand with the HAMP program, so in order to be eligible for HAFA, a borrower must have either failed or turned down HAMP. That just means that in order to be HAFA eligible sthe borrower must either not be able or not want to stay in the home… pretty easy.
HAFA will help. It will definitely be a game changer and will force the short sale to evolve and become a much more mainstream solution for struggling homeowners, but it will not be overnight; we still have a lot of pain to go through I think…
I copied this overview of the HAMP Provisions from the National Association of Realtors Website.
Found this great article today from The Washington Post
As foreclosure prevention efforts struggle to make an impact, the Obama administration will launch a program Monday encouraging lenders to allow more distressed homeowners to sell their property for less than they owe on their mortgage.