PRLog - Jan. 23, 2013 - The Home Affordable Foreclosure Alternative HAFA program gives additional option to homeowners to avoid foreclosures and also offers incentives to lenders as well as borrowers who utilize an alternative of short sale or deed-in-lieu to prevent foreclosure from taking place. HAFA Home Affordable Foreclosure Alternatives provides two options to transition out of your mortgage, a short sale or a Deed-in-Lieu (DIL) of foreclosure. Before applying for the program, it is needed to be well-versed with insightful knowledge on these two factors.
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In a short sale, the mortgage company or a lender allows you to sell your house or a mortgaged property with the understanding that the net proceeds from the sale of the property may be less than the amount due on the first mortgage. If borrower somehow does not get successful into this, a mortgage servicer may consider a DIL. In a DIL, borrower voluntarily transfers ownership of his property to the servicer if the title is free and clear of mortgages, encumbrances and liens. If you cannot afford your mortgage payments, you can consider applying for the Home Affordable Foreclosure Alternative HAFA program. However, to qualify for it, there are several approval criteria that should be met.
You may be considered eligible for HAFA if you meet below mentioned criteria:
1. To get approved for the HAFA Home Affordable Foreclosure Alternatives program, you should have a documented financial hardship.
2. You have not bought a new house during the last 12 months.
3. Your first mortgage is less than $729,750.
4. You have obtained your mortgage on or before 1 January, 2009.
5. You should not have been convicted within the last 10 years of theft, fraud, money laundering or tax evasion in connection with a mortgage or real estate transaction to qualify for the Home Affordable Foreclosure Alternative HAFA program.
Guidelines On Qualifying For Home Affordable Foreclosure Alternatives HAFA http://www.obama-
Thus, there applies specific documentation, approval criteria and process requirements to HAFA. Borrower has to be thoroughly well-versed with all these aspects so that he can try his best in multiplying his approval chances. However, it is advisable to engage a mortgage specialist who has a deep understanding of what HAFA Home Affordable Foreclosure Alternatives program is all about and how to qualify for it. Several reputable online mortgage service firms run a huge network of such knowledgeable specialists. You just need to send your online application to the service and you will be helped by getting connected to a specialist in your local area. To know more, visit www.obama-loanmodifications.com.