New Federal Program begins April 5, 2010!

Home Affordable Foreclosure Alternative Program

H.A.F.A.

How it helps people looking to buy a home:

The H.A.F.A program requires banks to respond to short sale offers 10 business days after receiving the buyer's offer. No more long waits wondering if a short-sale will be approved. Some banks will even pay all the buyers closing costs. This means it is possible for a buyer to have a short-sale offer accepted and under contract by the home buyer tax credit deadline April 30, 2010. The buyer can receive either the $8000 tax credit for first time home buyers or a $6,500 tax credit for people who have owned/lived in their home for 5 of the last 8 years. Contact Angela for more details.

How it helps home owners:

The H.A.F.A. program helps home owners who are struggling to make their current mortgage payments, home owners who owe more on their home than it is currently worth, and home owners who can't afford their modified loan payment. This program allows home owners to short-sell their homes, a portion of the mortgage debt is forgiven. The mortgage company will pay all fees associated with closing (title co, realtor commissions, sometimes even buyer's closing costs) and give the home owner a check for $3,000 at closing to help with moving expenses. This program will also stop a foreclosure sale allowing the home owner to keep a foreclosure off their credit. This is a great program for people who feel burdened by their current mortgage payment. Contact Angela for more details.

Angela Bobowski

South Jordan Realty

801-604-1888

angela@bobowski.com