Or in other words, the ins and outs of HAFA!
The Home Affordable Foreclosure Alternatives Program provides incentives to service providers AND the HOMEOWNER in connection with a short sale or a deed-in-lieu (DIL) of foreclosure. The loan must qualify under the HAMP program initially (borrower is delinquent or in imminent risk of default, property is the primary residence of the owner, and the loan originated on or before Jan. 1, 2009 and is under $729,750). Homeowners MAY receive
1- up to $3,000 for "move-out assistance"
2- release of liability on the first mortgage and payoff of the second mortgage (if any)
3- the ability to buy another home in as little as three years
Often times, a mortgage bank WILL try to help their customers- a home owner's bank should present them with all available options as soon as it becomes apparent that default is immenent.
Benefit #2 is, in my eye,s the most beneficial to the homeowner- the intent is to eliminate the home owner's debt from the mortgage holder (s), allowing the homeowner the ability to move forward into the next phase of life with a clean slate!
You can reach Valerie Leivo at 707-490-5527, email greenvalerie@kw.com.
Valerie is a local REALTOR with Keller Williams Realty in Santa Rosa, CA.
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