I have HAFA mind to never pay another mortgage payment again!
HAFA (which means “I have HAFA mind to never pay another mortgage payment again!”) Kidding!!! Actually it is part of the Home Affordable Modification Program (HAMP) that aims to help homeowners who are unable to qualify for a loan modification under HAMP by providing them with the option to pursue a short sale or deed-in-lieu. Under the program, financial incentives are provided to servicers (banks) and borrowers (now you’re talking!) who utilize these foreclosure alternatives.
As of April 5, 2010, the program is now in action and according to the guidelines, once a borrower is determined to be ineligible for a HAMP modification, the bank must consider that borrower for HAFA within 30 days. Every potential eligible borrower must be considered for the program before the borrower’s loan is referred to foreclosure or the bank allows a pending foreclosure sale to be conducted. If the bank determines that the borrower is eligible, the short sale or deed-in-lieu process will begin. Qualified borrowers will be given pre-approved short sale terms before the property is listed, and once an offer is made, banks/mortgage servicers will have 10 days to approve or reject the sale.
HAFA Government Program
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Jerry LaRose is an Orlando Area Residential Real Estate Expert, who can assist you with the purchase and/or sale of Real Estate in Orlando, Windermere, Winter Garden Florida or any place in the country. Jerry has created a team of professionals throughout Orlando and the country to ensure that you enjoy a smooth transition to your new area. Please visit http://OrlandoShortSaleExpert.com or www.JerrySellsOrlando.com for your real estate needs. Please give me a call if you have questions about the Orlando and Central Florida real estate market.
P.S. If you are listing your home as a short sale in Orange or Osceola County Florida and Orlando, Windermere, Winter Garden, Kissimmee, Winter Park, Altamonte Springs, Maitland, Lake Mary, Oviedo or Ocoee Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 407-580-7011 to find out more about Orange County Short Sales and Orlando Area Short Sales.
