Home Affordable Foreclosure Alternative (HAFA)
December 2nd, 2012categories: Chico Sellers, Short Sales, Uncategorized
Home Affordable Foreclosure Alternative (HAFA)
The Government’s H.A.F.A.® Program benefits borrowers who short sale their homes.
On the official Government website for H.A.F.A.®, it simply states the following:
“If the cost of home ownership has become too expensive to bear, the Home Affordable Foreclosure Alternatives Program ® (HAFA) allows you to transition out of your home and avoid foreclosure with $3,000 in relocation assistance and peace of mind.”
The HAFA program also says: “In many cases, [a short sale] is the dignified exit strategy where the borrower can sell their home and avoid the negative impact of foreclosure on their credit report and return to a better financial position.”
What does this mean for Chico home owners?
The exciting news for underwater homeowners, is that there is now a federally sanctioned and endorsed alternative to foreclosure. Unlike foreclosure, with a H.A.F.A.® short sale you can be completely released from your mortgage debt after selling the property. This means you will no longer be responsible for the amount that falls “short” of the amount your lender receives for the property compared to what you still owe. This deficiency is guaranteed to be waived by your servicer and H.A.F.A.® covers borrowers in all 50 states.
