I just listened to a webinar that mentioned that the HAFA (Home Affordable Foreclosure Alternatives) program has been exteneded through the end of 2014 CORRECTED – SHOULD BE 2013. Now IF the Debt Forgiveness Act is extended also, we will have a couple more years to help people through this market. That being said, here is a 6 point checklist to see if you qualify for the HAFA $3,000 at the close of a short sale.
1. Is the (1st) loan owned or guaranteed by FannieMae or FreddieMac?
Yes No
a. www.fanniemae.com/loanlookup b. https://ww3.freddiemac.com/corporate/
2. Is the property the primary residence & does the borrower still reside there
Yes No (90 day exception may apply)
3. Is the mortgage a “first lien” mortgage? Yes No
4. Is mortgage delinquent, or is default (missed payments) reasonably forseeable?
Yes No
5. Is the current unpaid principal balance equal to or less than $729,750?
Yes No
6. Does the borrower’s total monthly mortgage payment exceed 31% of their gross monthly income? Yes No
Answer Key: 1. No 2. Yes 3. Yes 4. Yes 5. Yes 6. Yes
If your answers match the above answer key, you may qualify for HAFA.
Next Step is to contact me, or your qualified Short Sale trained REALTOR® to see if you are better off to try for a loan modification, principal reduction, refinance or short sale before you are faced with foreclosure or bankruptcy – neither of the latter two will help your credit. Also, IF you have a Security Clearance, and you are having financial difficulties, PLEASE call immediately. This is nothing to leave to chance.
Dawn O’Neal
Broker/Owner & REALTORS®
Check out my BLOG at Dawn O’Neal – Experienced California REALTOR®
1-408-923-7758 O 1-408-923-1333 F
1-408-221-0575 DAWN-Cell
Dawn@DawnOneal.com www.DawnOneal.com
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Dawn O'Neal - Experienced Washington & California REALTOR® 