Are you a home owner facing foreclosure? This is a stressful, frustrating experience. We may be able to help you through a mortgage modification or a Short Sale. Every day we work with at-risk homeowners in Stockton, Lodi and surrounding communities in San Joaquin County to identify the best options to help you through this difficult situation. Get our special report on 5 Steps to Avoiding Foreclosure. Home Affordable Foreclosure Alternative - HAFA For Homeowners HAFA is pre-foreclosure process of obtaining lender approval for selling your home for less than is owed. The Federal government has initiated the Home Affordable Foreclosure Alternative Program to provide an alternative to borrowers (the current homeowners) who are unable to keep their home. It also provides financial incentive: $3,000 for borrower relocation assistance after the successful closing of a short sale or Deed in Lieu of Foreclosure (DIL). Do I QUALIFY FOR HAFA? A loan meets the basic eligibility criteria for HAFA if all of the following conditions are met: See our special report HAFA for Homeowners. - The property is the borrower’s principal residence.
- The mortgage loan is a first lien mortgage originated on or before January 1, 2009.
- the mortgage is delinquent or default is reasonably foreseeable.
- The current unpaid principal balance is equal to or less than $729,750 for a single family property; $934,200 for a two unit property; $1,129,350 for a three unit property or $1,403,400 for a four unit property.
- The borrower’s total monthly mortgage must exceed 31 percent of the borrower’s gross income.
Potentially eligible borrowers must be considered for HAFA before the borrower’s loan is referred to foreclosure or the servicer allows a pending foreclosure sale to be conducted. Servicers must consider possible HAMP eligible borrowers for HAFA within 30 calendar days of the date the borrower: - Does not qualify for a Trial Period Plan.
- Does not successfully complete a Trial Period Plan.
- Is delinquent on a HAMP modification by missing at least two consecutive payments.
Where can I find the guidance and forms? Contact the Lilly Team at PMZ Real Estate. Call us at 209-479-9222 or e-mail us at hlilly@pmz.com. Visit our web-site at www.homes-in-stockton-forsale.com We are HAMP and HAFA and Short Sale certified and have expertise in helping you find the best solution. Ask for our special report on Alternatives to Foreclosure.
|