HAFA Eligibility Checklist

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?
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
DRE License #01101500
Realty World Executive Advantage
Platinum Equator Certified

Exceeding Expectations ~ ALWAYS! TM

A REALTOR® is a real estate professional who is a member of the National Association of REALTORS®

About Dawn O'Neal

Dawn O'Neal - WASHINGTON - Professional Realty Services Sequim - Managing Broker CALIFORNIA - Independent Broker~Owner~REALTOR® GRI, CRS, LTG®, RRC®, PMN® ASP®, e-PRO®, SRES®, CIPS, TRC®,SFR®, CHS®, CDPE®, Ombudsman and Trained in Negotiations & Mediation from Pepperdine University School of Law I have been self employed since 1975, a REALTOR® since 1990. I am a member of the Sequim Association of REALTORS® IN WASHINGTON and WAR® plus Santa Clara County Association of REALTORS® and CAR® in CALIFORNIA Plus NAR®. I work predominantly with residential clients, some commercial properties, 1031 exchanges, & extensively with Seniors. I have received many awards with RE/MAX and Realty World attaining both their top award of Hall of Fame & earned many designations. I love to work with clients in person or through emails & the Internet. Please visit my web page www.DawnOneal.com for a full profile, testimonials & my passion – Breakfast With Santa. CA DRE#01101500 WA License #26510 My Motto - Exceeding Expectations - ALWAYS!
This entry was posted in FHA & VA Loans, Foreclosure, Investors - Investment Income, Lenders & Loans, NAR-National Association of REALTORS®, NOD-Notice of Default, NTS-Notice of Trustee Sale (Foreclosure), Real Estate - Sellers & Buyers, REALTOR®, Security Clearance, Short Sales. Bookmark the permalink.

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