About Mineola's Incorporated Village

Home Affordable Foreclosure Alternatives (HAFA) $3,000 Cash Relocation

Assistance Program For MINEOLA, NY Homeowners. "Certain Terms Apply"

Exit Gracefully

​If homeownership is no longer affordable or the weight of homeownership has become too much to bear, Making Homes Affordable (MHA) has a program that allows you to exit gracefully from the property with $3,000 in relocation assistance. The HAFA short sale program is designed to help underwater sellers either modify their loans or sell their homes as a short sale to avoid foreclosure. Through Home Affordable Foreclosure Alternatives (HAFA), you won't owe any more for the property after selling, and you will be free from the threat of foreclosure. The benefit of a HAFA short sale is that you are no longer responsible for the difference between what you owe on your mortgage and the amount that your home sells for. That's right if you qualify you walk away free and clear!

Eligibility*

You may be eligible to apply if you meet all of the following:

• You live in the home or have lived there in the last 12 months.
• You have a documented financial hardship.
• You have not purchased a new house within the last 12 months.
• Your first mortgage is less than $729,750
• $934,200 for 2 units
• $1,129,250 for 3 units
• $1,403,400 for 4 units
• You obtained your mortgage on or before January 1, 2009.

• You are experiencing a hardship (such as a job loss, divorce or medical emergency) and are unable to afford your current home loan

• You owe more than your home is worth. (Contact Bisendra Melaram Today to Find What Your Home Is Worth)

• You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or Real Estate transaction.

*Eligibility criteria are for guidance only. Contact your mortgage servicer to see if you qualify for HAFA Short Sale or just give Bisendra a call at 718-909-0233.

Program Availability

HAFA is available for mortgages that are owned or guaranteed by Fannie Mae and Freddie Mac or serviced by over 100 HAMP participating servicers. A list of HAMP participating servicers can be found here .

How Will HAFA Program Affect My Credit?

Although a short sale will have a negative effect on your credit, by completing this transaction, you may qualify for future credit sooner than if you allow your home to go through the foreclosure process.

While your lender works with you to complete a short sale, they will continue to report the status of your account to the major credit reporting agencies. If a short sale is completed on your property, your lender will report that your loan was "paid in full for less than the full balance."

You should only consider a short sale after you've explored all other options, including modifying your loan. Please visit my page NY SHORT SALE Information for a complete list of options you may want to consider.

You should contact a tax professional to gain an understanding of any tax implications.

For More Information

If you have additional questions about getting mortgage help contact Bisendra Melaram at (718) 909-0233. He will help you understand your options, design a plan to suit your individual situation, and prepare your application. Research shows that homeowners who work with an experienced HAFA Short Sale Specialist like Bisendra are more successful and have better long-term outcomes. There is no cost to you for this valuable, around-the-clock FREE service. Help is available contact him today!!!

Program Dates

Effective April 5, 2010 - Dec. 31, 2012

Home buyers are often attracted to Mineola because of its proximity to, well, everything. That may seem like a stretch to say, but Mineola offers so much for such reasonable pricing, the market drop seemed to end here a few years ago. And, with current mortgage rates as low as they are, buyers are finding houses in amazing locales that cost less to own than they would cost to rent.

Consider the following example: 318 First Street, Mineola, New York - Listed by Tara Downing of Village Properties of Mineola is listed for sale at a price of $469,000 with taxes of less than $8,000 per year. If a buyer with reasonable credit and a 10% down payment paid the asking price, they would own this house for $2,266 in mortgage payments (30 years @ 5%) and another $665 in real estate taxes. So, for less than $3,000 per month, the buyer woudl get a 7 room, 3 bedroom 1.5 bathroom house on a 4,700 square foot lot.

318 First Street, Mineola, New York

I think all would agree this is a beautiful house. But, it just gets so much better. What would you find important other than the quality of the house you are buying? Location? Well, that seems to be cliche' but true. So, imagine buying a house and you wanted things within 1/2 mile. How is this list?

1) Mineola Long Island Railroad Station - 33 minute ride to Manhattan

2) Winthrop University Hospital

3) American College of Surgeons

4) Mineola Middle School

5) Chaminade High School

6) Mineola Memorial Library

7) a large public park with small lake

8) An Auxiliary Police Station

9) The Mineola Central Business District with more than a dozen restaurants, doctors, law firms, etc.

10) The good life!

After all this, tack on the fact that a driver could easily be on the Northern State Parkway, Southern State Parkway, Meadowbrook Parkway or Cross Island Parkway within 10 minutes, and you might just have one of the best locations in the entire state of New York!!!

Well, I get excited about these things, but you shoudl be too.

Interested? Call Tara Downing at 516-510-9281 or our office at 516-741-5960. You'll be glad you did.

(By the way, while Tara's listing is fantastic, we've got agents here able t show you anything and everything.)

For more info, visit:

http://www.longislandvillageproperties.com/Mineola/New_York/Homes/2390668/Mineola/Agent/Listing_36590377.html