Home Affordable Foreclosure (HAFA) Program
This program ended at the end of 2016.
If your mortgage payment is unaffordable and you are interested in transitioning into more affordable housing, you may be eligible for a short sale or a deed-in-lieu of foreclosure through HAFA. The benefit of a HAFA short sale is you are no longer responsible for the difference between what you owe on your mortgage and the amount your home sells for. You will also receive $3,000 in relocation assistance upon successful closing of your short sale.
Eligibility
You may be eligible to apply if you meet all of the following:
- You live in the home or have lived there in the last 12 months
- You have a documented financial hardship
- You have not purchased a new house within the last 12 months
- Your first mortgage is less than $729,750
- You obtained your mortgage on or before January 1, 2009
- You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction
Eligibility criteria are for guidance only. Contact your mortgage servicer to see if you qualify for HAFA.
Program Availability
HAFA is available for mortgages that are owned or guaranteed by Fannie Mae and Freddie Mac.
The information above as taken directly from the Making Home Affordable Website, a web site developed and produced for the U.S. Federal Government. I want all Albuquerque, Rio Rancho, and Corrales home owners that are struggling making their mortgage payments to have access to this great information. One major advantage of a HAFA Albuquerque short sale versus foreclosure is there will be no deficiency judgement with a HAFA Albuquerque short sale.
This is terrific news for Albuquerque homeowners struggling to make their mortgage payments. Home owners that have their homes foreclosed are guaranteed the lenders have the right to pursue a deficiency judgement. Want another reason to consider a HAFA Albuquerque short sale, You will also receive $3,000 at closing to assist with moving expenses. Albuquerque home owners should always consider a HAFA Albuquerque short sale before the banks foreclose on their property.
Call us today at 505 401-7500 for a confidential consultation and see if you qualify for HAFA. As a Certified Distressed Property Expert, I can help you avoid foreclosure.
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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.
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