Maryland Short Sales 301-343-7671

Maryland Homeowners HAFA is here! On Tuesday Fannie Mae and Freddie Mac released their version of the Home Affordable Foreclosure Alternatives Program or HAFA. This is great news for homeowners that are currently struggling and wish to sell their property. Below are the eligibility requirements

• This initiative is mandatory August 1, 2010 for 1st liens guranteed or securitized by Fannie Mae or Freddie Mac on or before 1/1/09
• Property must be currently occupied as a primary residence
• Borrowers must meet basic eligibility criteria for HAMP click here to see if you qualify.
• Borrowers must be more than 60 days delinquent.

HAFA has numerous benefits for homeowners.

1. Homeowners will receive up to $3,000 for relocation expenses
2. Homeowners will be relieved of ALL deficiencies
3. Homeowners credit report will reflect that the loan has been “settled for less”

If you have been stuck in a trial modification under HAMP and now realize that you would rather sell the house, then HAFA may be a blessing.  Give me a call today at 301-343-7671 to discuss your personal situation and see if you qualify for HAFA.  Or if you prefer send me an email at jnewman@kwflagship.com .

Many homeowners in Maryland are now starting to hear about HAFA, our governments initiative to streamline the short sale process.  Currently, the majority of lenders are participating in HAFA.  Bank of America, Wells Fargo, CitiMortgage and Chase to name a few.  Maryland’s new foreclosure regulations also are following the HAFA model and lenders should not foreclose if a homeowner is attempting a short sale

If you are a homeowner and are currently facing foreclosure or have been declined for a loan modification YOU MAY QUALIFY for HAFA.

There are two major advantages to HAFA.  The first is that the 1st lien holder will waive the right to any deficiency judgements.  The second major advantage is that homeowners may be compensated up to $3,000 in relocation expenses.

Unfortunately, loans that are backed by Fannie Mae or Freddie Mac do not qualify for HAFA as of today, but we anticipate both agencies to be unveiling a short sale program similar to HAFA.  Please contact me today at 301-343-7671 or email me a john@thinknewman.com  for a no obligation consultation to determine your eligibility.

Alex Charfen, CEO of the Distressed Property Institute discusses the lates changes to HAFA.

If you are a Maryland homeowner and would like more information on Short Sales, Loan Modifications or foreclosure prevention call me today at 301-343-7671. Remember, more options are available to you if you act quickly.

Now that HAFA has formally been released many homeowners are wondering if there lender participates?  Well, I have just compiled a list of HAFA participants. 

 Find out if your servicer is a HAFA participant, click here

If you are a Maryland homeowner and would like more information on Short Sales, Loan Modifications or foreclosure prevention call me today at 301-343-7671. Remember, more options are available to you if you act quickly.

The Obama Administration, in conjunction with The Treasury Department officially launched the HAFA (Home Affordable Foreclosure Alternatives) program today.   This is a widely aniticipated program to assist homeowners in Short Selling their property.  Here are some basic qualifications:

• Home must be a primary residence
• 1st loan balances cannot exceed $729,750
• Must have ongoing financial difficulties which makes paying the mortgage a hardship
• Your mortgage was originated prior to Jan. 1st 2009
• Monthly mortgage payment exceeds 31% of Gross Income

If a homeowner fits the above criteria, and their loan is owned by Fannie Mae or Freddie MAC, it is possible that you may qualify for the HAFA program.  If youare a Maryland Homeowner and  would like to get a definitive answers as to whether or not you qualify, contact me today at 301-343-7671.

Well it seems as if the new HAFA program is gathering quite a bit of steam recently.  If you are a homeowner and would like to Short Sale your property, your time has come.  I wrote in previous blogs about the Government’s new Home Foreclosure Alternative Plan and it appears that the press is really starting to pay attention to this program.  The HAFA program is being rolled out on April 5th, but some servicers have already started implementing the proram.  A complete guide to the HAFA program can be found here

https://www.hmpadmin.com/portal/docs/hamp_servicer/sd0909.pdf

If you have any questions about the HAFA program or would like to see if you qualify give me a call at 301-343-7671 or email me at jnewman@kwflagship.com and I would be happy to speak with you directly.

Our Government loves acronyms and one of the latest is HAFA, or the Home Affordable Foreclosure Alternatives Program.  I wrote about this in an earlier blog, but wanted to give a quick update.  HAFA was designed for homeowners who did not qualify for a loan modification as another way to avoid foreclosure.  Here are a couple of quick facts:

• Borrowers will receive pre-approved short sale terms from their lender
• Borrowers will be fully released from any future liabilities from their first mortgage
• Financial Incentives will be provided to borrower $1,500 for relocation expenses
• All servicers participating in HAMP will be required to implement HAFA in accordance to their own written policy.

This program does not take effect until April 5th, 2010, but some servicers may implement this sooner.

New Treasury guidelines for banks and servicers will impose a 10 day turnaround time on “short sale” offers. The 83 participants in the Home Affordable Modification Program will have new guidelines covered under the Home Affordable Foreclosure Alternatives Program. Below is a brief summary:

Foreclosure Alternatives

• The HAFA program simplifies and streamlines the use of short sale and DIL options by incorporating the following unique features:
• Complements HAMP by providing viable alternatives for borrowers who are HAMP eligible.
• Utilizes borrower financial and hardship information collected in conjunction with HAMP, eliminating the need for additional eligibility analysis.
• Allows the borrower to receive pre-approved short sale terms prior to the property listing.
• Prohibits the servicer from requiring, as a condition of approving the short sale, a reduction in the real estate commission agreed upon in the listing agreement.
• Requires that borrowers be fully released from future liability for the debt.
• Provides financial incentives to borrowers, servicers, and investors.

Are you experiencing financial difficulties and looking for advice on the options available to you?  Contact me today,  I am personally committed to helping 100 Maryland homeowners prevent foreclosure in 2010.