Foreclosure Help for Homeowners in Winston Salem NC

FORECLOSURE HELP FOR HOMEOWNERS IN WINSTON SALEM NC

If you know of someone who is behind on mortgage payments, Click on This Video to learn about the new rules put into place in April, 2010, to help homeowners who are facing foreclosure for whatever reason.

The program is called "Home Affordable Foreclosure Alternatives", HAFA for short.

HAFA PROGRAM ELIGIBLITY

Short Sales processes have better rules now, under the guidelines of HAFA. The Lender/Servicer of the homeowners loan must abide by the following: T

• here must be a Uniform Process, using model forms, and there will be deadlines.
• The Lender must establish in the beginning of the process what the closing costs and net proceeds will be as well as and what a "fair offer" will be for the home.
• Lender/Servicers must participate in the program guidelines, which includes about 90 % of all Mortgage Lenders.

The eligibility requirements are simple. The homeowner going into default must not have purchased the home recently, and the balance owed cannot exceed $729,750. The homeowner must be deliquent already or in a reasonably foreseeable future. The program is not for investors, so you must be living in the home. Finally, your payment must exceed 31% of your gross income. To get more details go to "Making Home Affordable"

I would like to help you reach your real estate goals. Please visit our website at Park Place Real Estate . Perform FREE SEARCHES for homes for sale in Winston Salem and the Greater NC Triad Region. There is no obligation to ever purchase or sell any real estate by using this free service.

I would love to hear from you and answer any questions you may have about real estate! Thanks for stopping by and please... EMAIL ME today with any comments or questions you may have.

Doug Patterson ABR®