Real Estate Investing :Are You Having Trouble Paying Your House Payment?

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Sacramento homeowners who are having trouble paying your mortgage payment and those who were part of the HAMP program have yet another Federal program to try and help avoid foreclosure.  This program is called HAFA.   HAFA stands for Home Affordable Foreclosure Alternatives Program and it is  for eligible homeowners who did not qualify or had a difficult time paying their loan modifications in the HAMP program.

This program helps homeowners who are eligible to quickly and effectively implement a short sale or deed-in-lieu. Since the lenders will be given a financial incentive to be part of this program to help avoid foreclosures and the impact foreclosures have on a community neighborhood. Just one foreclosure in a neighborhood lowers the property value by 9%.

The HAFA program is for conventional , non Governmental mortgage loans.  I was surprised to find that the lender collects 60%  of the loan value on a Short Sale whereas on a Foreclosure the lender only collects 30%.  Seems the lenders should not have needed an incentive from the Federal Government to implement this program…should have been their idea.  Just sayin…

 One of the benefits of the HAFA program for the troubled homeowner is that their debt is resolved and there will be no deficiency judgment.

First let’s talk about who is eligible and then talk about what this program will do to help you.

Homeowners must meet one of the following criteria in order to qualify:

As a CDPE (Certified Distressed Property Expert in Sacramento,  I am here to help those you are having trouble paying their house payment to see if you qualify for a Short Sale.

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