A sound Government Program that can step in if you can’t afford your mortgage payment, and it’s time to transition to more affordable housing is, the Home Affordable Foreclosure Alternatives (HAFA) program. HAFA provides two options for transitioning out of your mortgage: a Short Sale or a Deed-in-Lieu (DIL) of foreclosure. In a short sale, the mortgage company lets you sell your house for an amount that falls “short” of the amount you still owe. In a DIL, the mortgage company lets you give the title back, transferring ownership back to them. A moving assistance stipend of up to $3000 comes with the program.
If you’re not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through MHA’s Home Affordable Refinance Program (HARP). HARP is a government program designed to help you get a new, more affordable, more stable mortgage. HARP refinance loans require a loan application and underwriting process, and refinance fees will apply.
If you are not unemployed, but you’re still struggling to make your mortgage payments, you may be eligible for the Home Affordable Modification Program (HAMP®). HAMP may lower your monthly mortgage payments in order to make them more affordable and sustainable for the long-term.
If you currently occupy your home as your primary residence, we encourage you to contact your mortgage servicer as soon as possible to begin the HAMP evaluation process.
The Making Home Affordable (MHA) Foreclosure Alternatives Government Program simplifies and streamlines the short sale and DIL process by providing a standard process flow, minimum performance timeframes and standard documentation. To compliment a standardized approach, Treasury provides incentives to borrowers, servicers and investors to pursue short sales and DILs.
Short sales and DILs are complex transactions involving careful coordination and close cooperation among a number of parties -- servicers, appraisers, borrowers, purchasers, real estate brokers, title agencies and often mortgage insurance companies and junior lien holders. A short sale or DIL usually provides a better outcome for borrowers, investors and communities. However, due to the complexity of and time required for completion of these transactions, servicers historically have often opted to pursue foreclosure instead, even where a short sale or DIL would have provided a substantially better outcome for borrowers, investors and communities.
Legal representation or advice is recommended in all legal matters. This site and brokerage represented is not affiliated with the government. If you use our services, your lender may not agree to accept a short sale or change the terms of your loan. We do not advise you stop paying your mortgage.
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? Whats with the doggie? Well, Miss Piggy is a rescue dog taken away from an abusive home by a veterinarian after he treated her for wounds in which she lost an eye. She is now a very happy doggie and I thought, a much prettier face than mine. She escaped her bad home… as will you, escape mortgage, stop foreclosure and smile:)