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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
Can you short sale a rental property if you’ve purchased a residential property to occupy within the last 12 months?
It depends. Your lender will want to know what has changed since you purchased the residential property that has created a hardship where you can no longer afford to keep both homes. If you have a legitimate hardship your lender will probably consider a short sale. Each person’s scenario is so different it is hard to answer such questions without knowing more details. If you live in California feel free to call or email me if you want to discuss further. 209-329-6639 or email@example.com If you don’t live in California, google an agent who works in your area and who has short sale experience and they can talk through this with you.
How can I find a list ofpartcipating banks?
The above link should take you to the Making Home Affordable web-site’s list of participating lenders.