About New Hyde Park's New Hyde Park

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

Assistance Program For NEW HYDE PARK, 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

As we all know fannie and freddy are one the biggest companies in the US.

The hold 6 TRILLION DOLLARS, YES THAT NUMBER IS CORRECT according to www.realtor.org .

half of the nation mortgage paper is owned by them!!!!!! and if the government takes over that will mean that the stock value of those companies for the stockholders will be basically wipe out!!!!!

BUT ON MY OPINION if that happens I think that we might get a good rally on interest rate drop because even tough the 10 year treasury note (tnx) has gone down , the spread is over 130% and the interest rates haven't drop as it should.

but when our government starts with the bailout. I would think that it will help us as Real Estate Professional in New york, Long island, California, Everywhere. because if interest rates drop even more and with the decline in home prices , we might see a better real estate market , or better activity report than expected!!!!!'

please let's hear everyone opinion.

Sincerely Remax Imperial
Long island Real estate company!!!!!!

For the judicial states where foreclosures take place, shortsale is the best way to save money to the bank as well to the real estate professionals (Realtor).

On the bank or lenders point of view they don't have to wait one year or more just to able to get to the auction date where 90% of the time that you go an real estate auction in Nassau, Queens or Brooklyn the bank has to take the property back because the LTV (loan to value) is so high that no real estate investor will buy it.( foreclosure attorney)

After that bank gets the property back at the auction , they have to do an eviction procedure(more attorneys) , and this could take 6 month or more!!!

and we are not done yet!!!!!!

the bank after they do the eviction, they have to do the clean up!!!!

And finally is ready to sell with the expertise of an REO BROKER!!!

NOW, IS TIME TO DO THE MATH

EXAMPLE:
INTEREST RATE: 7.5%

ORIGINAL MORTGAGE AMOUNT : $400,000.00
2 YEARS FOR THE BANK TO GET THE PROPERTY BACK $ 67,200.00
Foreclosure Atty $ 8,000.00
Eviction + Clean up to be ready to sell(nyc)8 months mortgage pmt $ 22,400.00
Eviction Atty + Clean up cost $ 6,400.00
3 year of real estate taxes $ 18,000.00
3 year of Force Home Owner Insurance $ 12,,000.00

TOTAL COST for the before it goes an Experience REO BROKER $134,000.00

400,000.00- 134,000.00 $266,000.00

ASSUMING THAT THE BANK SELLS IT AT $400,000.00 , BUT We know that is not true.

WE ARE NOT DONE YET!!!!!!!!!!

now let's talk about Depreciation : 0.5 % per month
36 months (assuming that the original value was 400k) $ 64,365.00

$266,000.00 -64,365.00 = $201,635.00

49% LOST TO THE BANK.

OR TO DO A SHORT SALE

U BE THE JUDGE!!!!!!

Any questions, please don't hesitate to call the Experts at Remax Imperial located in New Hyde Park NY.

RE/MAX IMPERIAL

LONG ISLAND HOMES FOR SALES!!!!!
www.remax-imperial-ny.com

516-355-9000