What is a HAFA loan?
The Home Affordable Foreclosure Alternatives (HAFA) Program The HAFA program allows borrowers to leave their properties through two possible means, a short sale or a deed in lieu of foreclosure. Short sales require you to sell your house for less than what you still owe on your mortgage.
What does Hafa stand for?
Definition. HAFA. Home Affordable Foreclosure Alternatives (real estate program)
Can I refinance after a HAMP modification?
It’s not theoretically impossible to refinance under HARP after a HAMP modification. However, it may depend upon the terms of the modification, such as whether or not the loan modification included principal forgiveness or deferment, and other factors.
How behind can you be on your mortgage?
If you’re behind in mortgage payments, you might be wondering how soon a foreclosure will start. Under federal law, in most cases, a mortgage servicer can’t start a foreclosure until a homeowner is more than 120 days overdue on payments.
What is the Hafa program?
But because HAFA is a government-sponsored program, it’s a lot more complicated than that. HAFA is an acronym for Home Affordable Foreclosure Alternatives, and it was part of President Obama’s Making Home Affordable Program. The first step was for a borrower to apply to HAMP, Home Affordable Modification Program.
How long does it take to get HAFA approved?
HAFA initially promised short sale approval within 10 days and gives the seller up to $10,000 in cash at closing. But because HAFA is a government-sponsored program, it’s a lot more complicated than that. HAFA is an acronym for Home Affordable Foreclosure Alternatives, and it was part of President Obama’s Making Home Affordable Program.
What are the benefits of hafa for junior lenders?
Lenders that participate in HAFA waived the right to a deficiency judgment. Junior lenders could receive up to $12,000 of the loan balance to release the loan. Sellers received a government payment of $10,000 at close of escrow to cover relocation expenses, providing the home was owner-occupied.
What happens if you are rejected from Hamp loan modification?
Or, if accepted into HAMP, and you stopped making loan modification payments, you could apply to HAFA. 5 Once the borrower was rejected for a loan modification through the HAMP Program, the borrower was then eligible to apply to the HAFA Short Sale program or pursue a Deed in-Lieu-of Foreclosure.