HAFA Short Sale- $3,000 to Borrowers for Relocation Assistance

HAFA Short Sales- $3,000 to Borrowers for Relocation Assistance-The huge number of foreclosures in the US is simply too big to ignore. That is why a government-backed program has been released aimed at streamlining Home Foreclosure Alternatives.

HAFA Short sales are honorable solutions to foreclosure, and now the government is making them easier, quicker and more accessible through the Home Affordable Foreclosure Alternatives Program, or HAFA .

With one in seven homeowners struggling to make loan payments, distressed homeowners are not alone, and there are home foreclosure alternatives available.

Here are some Bullet Points on the HAFA Short Sales program.

HAFA Short Sale Eligibility

At present, the home owner is eligible if all the following conditions are met:

• Property is borrower’s principal residence
• Loan is a 1st lien mortgage
• Originated before Jan 1, 2009
• Mortgage is delinquent or default is reasonably foreseeable
• Current unpaid balance is equal to or less than $729,750
• Borrower’s total monthly mortgage payment exceeds 31 percent of borrower’s gross income

*information taken directly from HAFA

Incentives for the Distressed Home Owner

• $3,000 to Borrowers for Relocation Assistance

Is your lender participating? Lenders and loan servicers participating in HAFA short sales must sign a participation agreement with Fannie Mae to participate in HAFA by October 3, 2010.

The list of lenders that are participating is constantly growing, please contact us for the most recently updated list (there is no fee or charge).

Luis Montejano has earned the prestigious title of Certified Distressed Property Expert and has helped countless Californians avoid foreclosure