Home affordable foreclosure alternative program
Sept. 17, 2012
-- The home affordable foreclosure alternative program or HAFA offers alternative solution to homeowners who are finding it difficult to stay current on their modified monthly mortgage payments or have failed to qualify for the HAMP and faced with possible foreclosure. Typically, the HAFA, which became effective way back in April 2010, uses a standard set of guidelines for facilitating short sale of homes by involving borrowers as well as mortgage servicers. So homeowners will be prevented from navigating through the costly foreclosure processes and could also be entitled to receive incentives for relocating to an altogether new location. But their lenders must actively participate in the HAFA plan.
Normally, a short sale procedure will take lot of time but under the foreclosure alternatives program HAFA, it may hardly take 3 to 6 months for the entire process to get over. Eligible borrowers will secure a relocation assistance amount of $3,000 for moving out of the present location. In a typical HAFA process, the mortgage servicer determine the Fair Market Value (FMV) of the property and thus, will arrive at a minimum settlement price which mutually acceptable to both. Borrower can list the property for sale and with whatever amount is received; settle the dues once and for all. This way it could be possible to get rid of an unaffordable mortgage for less than what one may actually owe. Get Rid Of Mortgage Debts With The Home Affordable Foreclosure Alternative (HAFA) Program http://www.obama-loanmodifications.com/home-affordable-fo...
Besides, there is another option being offered under the home affordable foreclosure alternative plan which is known as the Deed-In-Lieu of foreclosure or DIL. Borrowers need to determine the right option for their situation so that they become debt free completely. Remember, unlike conventional means to erase off mortgage dues, the HAFA options offer borrowers the opportunity to settle debts for less than what they actually owe. The mortgage servicer will in fact agree to waive off any additional dues after the house has been sold. Additionally, in doing so, credit scores of the applicants will not get affected in any way.
On the internet, there are firms that offer online help to qualify for the home affordable foreclosure alternative (HAFA) plan with ease. Such agencies have specialists who have knowledge, skills and experience to guide borrowers in navigating through the HAFA process. Consequently, applicants have the opportunity to better their chances of obtaining an early approval for a suitable HAFA option. However, one must make sure that he is working with a service provider that is reliable as well as reputed.
Obamaloanmodificaiton 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. Qualify For A Short Sale Under The Home Affordable Foreclosure Alternative (HAFA) Program http://www.obama-loanmodifications.com/loan-modification-...