Home Affordable Foreclosure Alternatives (HAFA) Albuquerque Short Sale
Are you struggling to make you house payment? An Albuquerque short sale is one of many options for you to avoid foreclosure. A federal program called HAFA is a great option if you qualify. Contact John Myers at 505 401-7500 to discuss all your options.
Homeowner Benefits of HAFA Program Albuquerque Short Sale
Compared to traditional Albuquerque short sale process:
- Quickest option for an Albuquerque short sale decision when there is no offer.
- Faster decisions: in 10 days once an offer is submitted for Albuquerque short sales.
- A lender-recommended list price is provided before listing the home in an Albuquerque short sale.
- Deficiency is waived after the Albuquerque short sale is completed.
- The mortgage debt will be settled through the program.
- No legal action can be taken against the outstanding mortgage debt after completing the Albuquerque short sale.
- $3,000 at closing for relocation assistance for homeowners after the Albuquerque short sale is completed.
- No cash contribution or promissory note is required to release any lien after completing the Albuquerque short sale.
- The foreclosure process was put on hold.
Requirements for HAFA Eligibility*
The Albuquerque homeowner has:
- Exhausted all loan modification options and/or
- Decided to pursue an Albuquerque short sale or deed in lieu of foreclosure.
- The property is the Albuquerque homeowner’s primary residence.
The mortgage:
- Originated on or before Jan. 1, 2009, for the 1st lien.
- Is delinquent or default reasonably foreseeable?
- The Albuquerque homeowner must contact their bank to determine the likelihood of default.
- Has an unpaid principal balance of less than $729,750 for 1-unit Albuquerque homes.
- Higher balances are available for 2-4 unit properties.
- No properties with more than four units are allowed.
This federal government program helps Albuquerque homeowners who:
- They can’t afford their first mortgage.
- Want to avoid foreclosure?
- They have exhausted all loan modification attempts and can’t keep their home.
The federal government specifies aspects of the program, including:
- Customer qualification requirements.
- The process used by the servicer.
- Decision timeframes
The program:
- Albuquerque homeowners can sell their homes through a short sale and settle mortgage debt.
- Offers financial incentives to borrowers who complete a HAFA short sale or deed in lieu of foreclosure
Investor participation:
- Fannie Mae and Freddie Mac implemented their versions of HAFA in 2010.
- FHA, VA, and Ginnie Mae loans are not yet covered by a HAFA-type program.
Myers & Myers Real Estate
We have some of the best in the business. Whether you’re looking to buy house or sell a house, our real estate agents have the knowledge & expertise to get the job done.
Our team is here to help you and make the process as stress-free as possible. Myers & Myers Real Estate has been helping home buyers and sellers since 2010.
Customer service is the cornerstone of our business, and we’re available to answer your questions. We have top-notch, experienced, and knowledgeable Realtors®.
If you’re looking for a quick and hassle-free way to sell your home, visit our sell my house fast Albuquerque page to learn how we can buy your house for cash.
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