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On November 30, 2009, President Obama’s administration announced new incentives for lenders in regards to home owners in financial hardship. These incentives and guidelines are set in place by the US Treasury and offer hope to borrowers facing foreclosure. As part of the Making Home Affordable Plan, these new incentives have the potential to stabilize the U.S. housing market.
On April 5, 2010, the Home Affordable Foreclosure Alternatives program took effect. This program encourages short sales while making the transaction run much more smoothly. Lenders, servicers, and borrowers are all offered incentives to go through the short sale process. Lenders are required to respond within a shorter time limit and they waive their right to pursue a deficiency judgment at a later date.
HAFA is most likely beneficial to borrowers who:
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Do not qualify for a trial loan modification
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Do not successfully complete the trial loan mod
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Miss two or more payments in a row during the trial
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Request a short sale or deed-in-lieu of foreclosure
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Do you qualify?
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The loan must have originated before January 1, 2009
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The loan must be the first mortgage
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The borrower must be in default or suspect future default
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The unpaid balance must be less than or equal to $729,750
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HAFA Incentives
Through HAFA, borrowers receive $3,000 cash back in relocation expenses, which is deducted from the sale proceeds at closing, in addition to having their debt fully forgiven. Loan servicers receive $1,500 while a maximum of $2,000 goes to investors who sign off on payments to second position lien holders.
877-737-4903
  
HAFA Forms
All agents within our network are HAFA Program trained specialists and can explain the program further to you. See if you qualify! Call today to speak with a Short Sale Specialist at no cost!
Need a New Jersey Distressed Property Expert Certified in short sales to offer free Chase short sale services? Our NJ area Distressed Property Expert Certified real estate agents are here to help, and are Certified or training in the New Jersey Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.
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