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Mar
19

HAFA Series Part 2…Who is eligible for HAFA?

By Kathryn Bovard

This is part 2 in a 5 part series on HAFA.

HAFA is the Home Affordable Foreclosure Alternatives program from the U.S. Treasury effective April 5, 2010.  HAFA is designed to complement the HAMP program and is expected to streamline and standardize the short sale process for qualified homeowners.

The borrower (homeowner) must meet the basic eligibility criteria for HAMP in order to be considered for HAFA:

  • Must be the owner-occupant and be your principal residence.
  • First lien (mortgage) originated before January 1, 2009.
  • Mortgage delinquent or default is reasonably foreseeable.
  • Unpaid principal balance no more than $729,750 (higher limits for 2 to 4 unit dwellings).
  • Have a mortgage payment that is not affordable due to a financial hardship that can be documented.
  • Have a monthly mortgage payment (including taxes, insurance, and home owners association dues) greater than 31% of your monthly gross (pre-tax) income

HAFA alternatives are available to all HAMP-eligible borrowers who:

1) do not qualify for a Trial Period Plan;

2) do not successfully complete a Trial Period Plan;

3) miss at least two consecutive payment during a HAMP modification; or,

4) request a short sale or deed-in-lieu.

HAFA Series Part 1 – What is the Home Affordable Foreclosure Alternatives Program?

HAFA Series Part 3 – Which loan servicers are participating and review of the timeframes

Are you a Las Vegas Homeowner facing a possible foreclosure or considering a short sale? Contact us today to discuss your options and/or to see if you qualify for HAFA.

Call Kathryn at 702-348-7191 or Stephanie 497-7705.

Related posts:

  1. HAFA Series Part 5 – Can I Request a HAFA Short Sale without doing a HAMP modification?
  2. HAFA Series Part 4 – What else should I know about Home Affordable Foreclosure Alternatives?
  3. HAFA Series Part 3 – Which loan servicers are participating and review of the timeframes

Comments

  1. [...] You are a homeowner who did not know about the HAMP program or possibly can not or do not want to pursue a loan modification.    The property is your primary residence and you have a hardship that can be documented and are considering a short sale as an option.  To qualify for HAFA, you will have to meet all the basic eligibility requirements outlined in this post. [...]

  2. Dean Torset says:

    This was a great article. I would love it if you can reply back with fallow-ups on this subject. Keep up the great work. Thanks

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