$3,000
Did you know that the government has developed a Home Affordable Foreclosure Alternatives program (HAFA)? Or that you can short sell through this program and get paid for it? Yep, you can get up to $3,000.00 in moving costs by short selling through HAFA. And there are other incentives available as well for those who qualify.
No Deficiency
Not only can you get paid, but you will be completely released from first mortgage debt with a HAFA approved short sale – no promissory note and no deficiency involved. In fact, HAFA has several advantages over normal short sales such as taking only 30 days to process where typical short sales can take months to process otherwise.
For HAFA approved loans, lenders are no longer required to verify a debt to income ratio of higher than 31%, and with HAFA the short sale can often be approved right when the house goes on the market! Lenders also get incentives for processing HAFA short sales.
Eligibility
• 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
• You obtained your mortgage on or before January 1, 2009
• 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
Learn More
Your loan servicer can tell you if you qualify for HAFA. You should also contact an experienced real estate agent to help you through the process and to help you avoid foreclosure!
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