USLoanz And Home Affordable Foreclosure Alternatives Program

The home affordable foreclosure alternatives program (HAFA) is a part of the “Making Home Affordable” plan. The HAFA is a viable alternative to the home affordable modification program (HAMP) and is designed to assist homeowners, who are at risk of losing their homes, by providing feasible options such as short-sale and deed-in-lieu.

Save Your Home with Loan Modification

If you are a HAMP eligible borrower, you can take advantage of the HAFA short sale if you:

have failed to qualify for a HAMP trial loan modification
are unable to get a HAMP permanent loan modification
ask to be considered for the HAFA to keep your home

Short sale under HAFA :

One of the home affordable foreclosure alternatives is the “short-sale” process under which borrowers, who cannot afford their first mortgage, can sell their home and avoid foreclosures. The net proceeds of such a “short-sale” could be less than the total amount owed on the first mortgage.

Contact An Attorney

Talk to a Loan Modification lawyer near to your city

How does a short-sale work?:

A “short-sale” home affordable foreclosure alternative procedure is executed in 3 steps.

Pre-sale

get a price list approved for your home or
determine acceptable net sale proceeds
Sales costs to be deducted from final price
List your property for sale at approved price

Offer

get a suitable offer
furnish the documents
get the sale closed

Close the sale

repay your mortgage obligations
receive $1,500 on displacement expenses

HAFA Eligibility Requirements

Only primary residences are eligible for the home affordable foreclosure alternative program.
The first home mortgage loan or lien should have originated on or before 1st January, 2009.
If your home mortgages are delinquent or if there is a probability that you might default on your mortgage payments, you can qualify for a HAFA loan settlement option.
Homeowners, who have unpaid principal loan balance that does not exceed $729,750 for a single-unit home, $934,200 for a dual-unit property, $1,129,250 for a three-unit property, or $1,403,400 for a four-unit property, can apply for the HAFA foreclosure alternatives program.
The total of existing monthly payments of the borrower has to be more than 31% of the gross monthly income earned

7 Benefits offered by a HAFA short-sale

No cash contribution or promissory note is required from the homeowner.
HAMP qualified homeowners can get approved prices even before their homes are listed.
Loan servicers forfeit the right to issue a deficiency judgment against the borrowers.
For closing the transaction in HAFA foreclosure alternatives homeowners can secure permissible closing costs from the servicer.
All of the borrower’s liabilities arising out of subordinate liens, which are less than six percent of the unpaid principal loan balance, could get released.
Homeowners that take advantage of HAFA foreclosure assistance are entitled to receive up to $3,000 towards relocation expenses.
Borrowers are not required to pay for the real estate broker’s commission.

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Loan Modification Guide

Obama's Loan Modification Programs

Loan Modification at Usloanz

Easily Restructure Your Mortgage Loan
Lower Mortgage Payments Without Refinancing
Save Money & Avoid Foreclosure
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