Home Affordable Foreclosure Alternatives Program (HAFA) can only help!

March 9, 2010 - PRLog -- Contact: Hannah Fliegel 415-999-9348

Home Affordable Foreclosure Alternatives Program (HAFA) can only help!

The new government sponsored Home Affordable Foreclosure Alternatives Program (HAFA) is beneficial for Bay Area Homeowners who are underwater on their properties or threatened with foreclosure.

This new program rolls out on April 5, 2010 in effort to streamline and standardize the short sale process.  “Until now, short sales have been like the wild west,” says Hannah Fliegel of Corte Madera who founded the Foreclosure Options Network in 2007.  Fliegel is optimistic that this new (HAFA) program will not be another colossal failure such as the Home Affordable Refinance Program (HARP) or the Home Affordable Modification Program (HAMP).

Short sales offer a great benefit to both the borrowers as well as the lenders. For the borrower, short sales are a ‘responsible way’ to get out of a property that they cannot afford or do to not want anymore.  This new program can only offer benefits to the lenders and Fliegel is hopeful that (HAFA) will provide a standardized short sale system, in order to reduce the flood of foreclosures expected to hit over the next three years.

Under the new program, the servicing bank will get $1,000. Another $1,000 can go toward a second loan, if there is one. And the government would give money to the distressed homeowners themselves. They will get $1,500 in "relocation assistance." which was previously expected as a “cash for keys” payoff.

Fliegel will be presenting a Foreclosure Options Workshop on Saturday, March 20, 2010 from 10:00 a.m. at the Hamilton Community Center 503 Palm Avenue in Novato.  This is a free workshop for more information call: 1-877-747-4386.

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Foreclosure Options Network provides free workshops for homeowners who are underwater on their properties or threatened with foreclosures.