Previously the government was running a program to try and help homeowners who were caught “upside down” (who owe more than their home is worth) in the market. Despite their best intentions, this program was a failure. It was reported that 9 out of 10 people whom the program was intended for did not get help! As a result, they introduced the HAFA program.
HAFA stands for “Home Affordable Foreclosure Alternative” program. It opens the door to a lot of people who need help. It makes it easier to qualify for help (one of the biggest problems previously). For those who still do not qualify, or who choose to short sell their home, it provides $1,500 at closing to help them get started at their next residence (most likely a rental). This was intended to both help get the homeowner established and to motivate them to short sell their home because there is time and effort involved.
If you are struggling, please ask your lender about the HAFA program and find out if you qualify. It can help you save your home or help you get started at your next home. If you are looking to short sell your home, contact one of the agents at Tiered Real Estate who will be happy to help you.
[...] drop quite as dramatically as those who let their homes go to foreclosure. In addition, the new HAFA program allows homeowners to walk away with $1,500 in their pocket, so they get something for selling their [...]
Pingback by Short Sales – What Are They? » Tiered Real Estate Blog — April 13, 2010 @ 10:36 am
No. But now i will. Thanks for that.
Comment by jjMichael — April 21, 2010 @ 3:08 pm
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Comment by Electronics — September 19, 2010 @ 2:37 am