The HAFA Deadline for applying currently is December 30, 2016. HAFA provides borrowers and tenants the opportunity to leave a property through a short sale sale or a deed-in-lieu of foreclosure (DIL) while providing a relocation incentive of $10,000. It also allows a borrower to settle their remaining mortgage balance and not be pursued for the deficiency. Many Mortgage companies nationwide participate in HAFA and if they don’t, they may offer a similiar in house program. Many government backed loans don’t participate in HAFA, but may offer other relocation incentives, yet many times, it’s considerably less.
HAFA is one of the best programs available for distressed borrowers.
You might be eligible if you meet the following criteria:
- Struggling to make mortgage payment
- Mortgage originated on or before January 1, 2009.
- Non condemned property
- Balance of $729,750 on your primary residence or one-to-four unit rental property (loan limits are higher for two- to four-unit properties).
HAFA may or may not be extended at the years end, if you are in a tough position, you may want to consider applying sooner than later. Fill out the form below and you will be contacted shortly by a professional.