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 the Albuquerque short sale is completed.
- $3,000 at closing for relocation assistance for home owners after the Albuquerque short sale is completed.
- No cash contribution or promissory note required to release any lien after the Albuquerque short sale is completed.
- Foreclosure process put on hold.
Requirements for HAFA Eligibility*
The Albuquerque home owner 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 home owner’s primary residence.
- Originated on or before Jan. 1, 2009 for the 1st lien.
- Is delinquent or default is reasonably foreseeable.
- The Albuquerque home owner must contact their bank to determine the likelihood of default.
- Has an unpaid principal balance less than $729,750 for 1-unit Albuquerque homes.
- Higher balances are available for 2-4 unit properties.
- No properties with more than 4 units allowed.
This federal government program helpsAlbuquerque home owners who:
- Can’t afford their first mortgage.
- Want to avoid foreclosure.
- 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
- Allows Albuquerque home owners to sell their home through a short sale and settle mortgage debt.
- Offers financial incentives to borrowers who successfully complete a HAFA short sale or deed in lieu of foreclosure
- Fannie Mae and Freddie Mac implemented their own versions of HAFA in 2010.
- FHA, VA and Ginnie Mae loans are not yet covered by a HAFA-type program.