What is HAFA

Teacher others the definition of HAFA that are residents of Lathrup Village, Beverly Hills, Birmingham, Southfield and other cities in Michigan

 

 

 

 

 

 

 

 

Home of Foreclosure Alternatives (HAFA) is involved with the federal government’s making Home Affordable Programs. With HAFA, Bank of America can decide an accurate list price and will pursue for improvements before you even list the property or to get an offer. If you want to move to a more affordable home because you can’t afford your current mortgage payment, then HAFA is just for you. HAFA gives you a couple of options when it comes to transitioning away from your mortgage: a short sale (or others may prefer as a Deed-in-Lieu (DIL) of foreclosure) is when a person sells their home for less than they owe on their home mortgage to avoid home foreclosure. As for DIL, the mortgage company gives you an opportunity to return the title, transferring the ownership back to the mortgage company.

You MUST have one of the following to Qualify

  • Fannie Mae or Freddie MAC isn’t going to generate your loans
  • Your mortgage was taken out before January 1, 2009
  • You missed payments of your current mortgage or you’re not sure that you will fulfill payments of your current loan in the future
  • If the amount of your first mortgage is either the same or less than:

$729,750 for a single home, $934,200 for a 2-unit property, $1,129,250 for a 3-unit property or $1,402,400 for a 4-unit property

  • That you are encountering a hardship such as loss of income, medical bills, or a divorce
  • The property has not been convicted
  • The corporation, partnership, or other business entities does NOT own your mortgage
  • You have one of the following hardships:

Your property loan to value is higher than 100% (That your loan cost more than the property value),  you have NOT bought any property for the last 12 months, your FICO (Fair Isaac Corporation) credit score is below 620 for the last 10 years, and you have NOT been condemned for felony larceny, theft, fraud, money laundering, and tax evasion that’s connected to a mortgage or any transaction in real estate.

                                                                                                              HALT! Did You Know?

Based off the basic requirements, Bank of America will also need an approval from the owner of your loan or the company that’s managing your mortgage. Each owner has different requirements. The guidelines may also differ if you have mortgage insurance on the current loan.

The HAFA Benefits of a Favorable Transition

  • HUD (recommended housing counselors and Real Estate professionals like the Calhoun Team Realty 248-905-1402) can give you free advice.
  • HAFA isn’t your common short sale choice. How is that? After you sold your short sale, the mortgage debt from the property will be released. You will NOT be held accountable for any of amount that was left or that you owe. The deficiency is guaranteed to be thrown away.
  • During the HAFA short sale, your mortgage company will assist you for an acceptable price.
  • After you close, you may gain $3,000 in relocation assistance from HAFA.

 

Relocation Assistance

The borrower (primary resident) has to depart in the period of closing. It does not matter if the borrower is getting the HAFA relocation assistance, he/she has to execute a Dodd-Frank Certification if they want to participate in the HAFA program. If a non-borrower rents the property, the whole $3,000 relocation assistance from HAFA must be paid to the non-borrower (if all the requirements of payment have been met) on the HUD-1. It cannot pay for any expenses of the non-borrower. Any portion cannot be maintained by the borrowers. Whoever fits the requirements, the borrower can assign the bonus to other tenants.

 

Still Have quesions? Please don’t hesitate to call the Calhoun Team Realty (248) 905-1402 today!

 

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