Avoid A Foreclosure With Changed Hafa Home Affordable Foreclosure Alternatives Guidelines

PRLog (Press Release) - Sep. 5, 2012 - Because of changes being effected to the home affordable foreclosure alternative HAFA program, service members will now find it lot easier to qualify the federal plan. One must know that the HAFA plan, which was initiated by the Department of Treasury in league with the Department of Housing and Urban Development (HUD), provides procedures for short sales or Deed-In-Lieu (DIL) of foreclosures to eligible homeowners. The main advantage of qualifying for the schedule is that borrowers have the chance to receive forgiveness for the entire amount of unpaid mortgage loan balance. Besides, the program also offers incentives worth $3,000 towards relocation assistance at the time of closing. Nevertheless, to be eligible to secure its benefits, a homeowner must fulfill certain conditions that are stipulated by the HAFA plan guidelines. Here is some crucial information pertaining to the same which readers may find useful if they are considering applying for the HAFA.      

Check HAFA Program Eligibility To Avoid Going Through A Costly Home Foreclosure Process Now http://www.obama-loanmodifications.com/loan-modification-...

Under HAFA program requirements, only those applicants have the opportunity to qualify who satisfy the below mentioned qualification criteria.

1.  Existing mortgage must have been approved on or before 1st January, 2009
2.  Total unpaid principal loan balance on first loan has to be less than #729,750
3.  Applicant has to be primary resident in the home for the past 12 months  
4.   Borrower should not have purchased a new home during the past 1 year
5.   Homeowner must have well documented financial hardship situation  
6.   Current lender must be active participant in the HAMP loan modification process
7.   Homemaker must not have been convicted for larceny, theft, fraud, etc. for last 10 years

Furthermore, the HAFA program eligibility guidelines also require borrowers, who may be financially distressed; to be delinquent on their monthly mortgage payments prior to considering applying for a HAFA short sale or DIL. Earlier service members found it difficult to qualify for the either of the HAFA options when they experienced a decrease in income. But after changes were announced to its qualification criteria on 29th September, 2011, even those service members who cite PCS orders as the main reason for financial hardships will be eligible for the HAFA. This will be regardless of the fact whether their monthly incomes have decreased or not as applicants just have to prove that they do not have enough liquid assets to stay current on their monthly mortgage payments. In addition, one may also note that by qualifying for a HAFA short sale or DIL of foreclosure, the credit scores of such borrowers will not be put to risk.        

Obamaloanmodification is a leading mortgage service provider in the United States which has been in business for over seven years. Till date, the firm has helped tens of thousands of borrowers in qualifying for affordable mortgage interest rates and hence, significantly reduced monthly payments.

Guidelines For HAFA Home Affordable Foreclosure Alternatives Changed - See If You Can Benefit Today http://www.obama-loanmodifications.com/home-affordable-fo...

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