Home Affordable Foreclosure Alternative 

On April 5 the Treasury Department introduced the HAFA program to provide a viable option for homeowners who are unable to keep their homes through the existing Home Affordable Modification Program.  The HAFA program takes effect on April 5, 2010 although many servicers have implemented it sooner.

Home Affordable Foreclosure Alternative Provisions:

• Complements HAMP by providing a viable alternative for borrowers who are unable to keep their home
• Allows borrowers to receive pre-approved short sales  terms before the listing of the property
• Requires borrowers to be fully released from future liability for the first mortgage debt with no deficiency judgment or promissory note
• Use standard processes, documents, and deadlines

Provides the following financial incentives to the homeowner:

Multiple Listing Service (MLS) for 12 months

• $3000.00 for borrower relocation assistance
• Up to $2,000.00 for investors who allow a total of up to $6,000.00 in short sale proceeds to be distributed to subordinate lien holders

 NetCapitalRealty.com

400 Ann Arbor Rd, Plymouth, MI 48170

734-446-7002