Fannie Mae and Freddie Mac join Homes Affordable Foreclosure Alternatives Program (HAFA)
Fantastic News! Finally...its been a slow go but Fannie Mae and Freddie Mac have got on board with the HAFA Program!
Borrowers do have options! Under the HAFA Program...
Many homeowners may feel that they can no longer afford their home, but want to avoid the negative effects of foreclosure.
The Home Affordable Foreclosure Alternatives (HAFA) Program offers homeowners, their mortgage servicers, and investors an incentive for completing a short sale or deed-in-lieu of foreclosure. With these options, under HAFA, a homeowner leaves their home to transition to more affordable housing and alleviate the mortgage debt they owe.
These options are available for homeowners who: 1. do not qualify for a trial mortgage modification under the Making Home Affordable Program; 2. do not successfully complete the trial period for their modification; 3. miss at least two consecutive payments during their modification period; or 4. request a short sale or deed-in-lieu of foreclosure.
Now those who hold Fannie Mae and Freddie Mac home loans will now be able to pre-approve the short sale for some eligible borrowers under the HAFA Program Effect as of August 1, 2010.
Even if your loan is not held by Fannie Mae or Freddie Mac you may still qualify for the HAFA program. Simply ask!
To find the details please visit ValleyMove's Short Sale and Foreclosure Infomation Page with details on the HAFA Program.
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