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UPDATES AND EXTENSION: EFFECTIVE JUNE 1, 2012
The Home Affordable Foreclosure Alternatives (HAFA) Program is a government-sponsored initiative overseen by the US Treasury Department. It is administered by Fannie Mae and assists all Home Affordable Modification Program (HAMP)-eligible homeowners in avoiding foreclosure, specifically through short sales or deeds-in-lieu of foreclosure.
|As of February 1, 2011||
As of June 1, 2012
|Deadline Extension||Deadline was Dec. 31, 2012||Deadline is Dec. 31, 2013|
|Occupancy Requirements||Homeowners must have lived in the property within the previous 12 months.||There are now no occupancy requirements and borrower cannot have purchased a residential property in previous 12 months.|
|Relocation Assistance||$3,000 granted to homeowners after completion of short sale or deed –in-lieu.||$3,000 relocation incentives are limited to owner or tenant occupied properties at the time of short sale.|
|Mortgage Payments and Debt/Income Ratio||Mortgage payments on loans may not exceed 31% of the homeowner’s gross monthly income.||Mortgage payments may now be allowed to exceed 31% of gross monthly income if it keeps the homeowner current on their mortgage (at borrowers request).|
|Secondary Lienholders||Secondary Lienholders may receive a maximum of $6,000.||Secondary Lienholders may now receive a maximum of $8,500.|
|Credit Bureau Reporting||No official credit bureau coding.||Credit Bureau Reporting will now be “account Status code – 13 (paid or closed account/zero balance) or 65 (account paid in full/a foreclosure was started) as applicable.|
If you are having problems making your mortgage payments, or know someone who is- there are options and I am here to help. Call or email me anytime. 209-536-3000 or firstname.lastname@example.org
Source: CDPE – Charfen Institute