Transcript of "Home Affordable Foreclosure Alternatives Program (HAFA) Extended Thru 2013 Ty Leon Guerrero of Team1Realty"
Home Affordable Foreclosure AlternativesProgram (HAFA) Extended Through 2013 -- Ty Leon-Guerrero of Team1Realty Ty Leon-Guerrero www.team1realty.com Call : 800-533-7107
Making Home Affordable (MHA) Program was introduced by theObama Administration in 2009 - to stabilize the housing market andhelp struggling homeowners obtain relief and avoid Foreclosure. Ty Leon-Guerrero www.team1realty.com Call : 800-533-7107
The program consist of several smaller programs including• The Home Affordable Modification Program (HAMP)• The Home Affordable Refinance Program (HARP and HARP 2.0) and• The Home Affordable Foreclosure Alternatives Program (HAFA). Ty Leon-Guerrero www.team1realty.com Call : 800-533-7107
Created in 2009, HAFA is a government-sponsored initiative assisting allHome Affordable Modification Program (HAMP) eligible homeowners inavoiding foreclosure through short sales and deed-in-lieus. Ty Leon-Guerrero www.team1realty.com Call : 800-533-7107
• The HAFA updates will go into effect on June 1, 2012, and will allow more distressed homeowners to seek assistance.• Most importantly, the deadline for submitting for HAFA eligibility will be extended a full year, from December 31, 2012, to December 31, 2013. Ty Leon-Guerrero www.team1realty.com Call : 800-533-7107
Other major changes from Marchs updates to the HAFA programinclude:• The removal of occupancy requirements. Previously, HAFA required homeowners to have lived in the property within the last 12 months.• $3,000 relocation incentives will be limited to properties occupied by an owner or tenant at the time of the short sale.• Mortgage payments will be allowed to exceed 31% of the homeowners gross monthly income. This update will allow a homeowner to stay current on her mortgage and still qualify, minimizing the overall impact to her credit.• Secondary lienholders may receive up to a maximum of $8,500, up from $6,000 previously.• And one of the most dramatic changes: The Credit Bureau Reporting will be Account Status Code 13 (paid or closed account/zero balance) or 65 (account paid in full/a foreclosure was started), as applicable. Ty Leon-Guerrero www.team1realty.com Call : 800-533-7107
With these updates, a homeowner can be current on their mortgage,qualify for HAFA, continue to make their payments, and execute a shortsale with minimum impact on their credit! Ty Leon-Guerrero www.team1realty.com Call : 800-533-7107
Contact Ty Leon-Guerrero Twitter Facebook LinkedIn Alameda, Contra Costa, Sonoma, Solano, Napa Counties Fairfield, CA 94533 Call Us : 800-533-7107 www.team1realty.com
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