Home Affordable Foreclosure Alternatives (HAFA).  Is your mortgage payment unaffordable?  Are you interested in transitioning to a more affordable home?  You may be eligible for a short sale or deed-in-lieu of foreclosure through HAFA?.  In a HAFA short sale, you get completely released from your mortgage debt after selling the house, meaning you will no longer be responsible for the amount that falls "short" of the amount you still owe.  The deficiency is guaranteed to be waived by the servicer.  Also, your mortgage company works with you to determine an acceptable sale price.  A HAFA short sale has a less negative effect on your credit score than a foreclosure or conventional short sale. Finally, HAFA provides you with $3,000 in relocation assistance when you close.

To be eligible for HAFA you must meet all of the following criteria:

·         You must live in the home or have lived there within the last 12 months.

·         You have a documented financial hardship.

·         You have not purchased a new house within the last 12 months.

·         Your first mortgage is less than $729,750.

·         You obtained your mortgage on or before January 1, 2009.

·         You must not have been convicted of felony larceny, theft, fraud, forgery, money laundering or tax evasion in connection with a mortgage or real estate transaction within the last 10 years.

·         Your mortgage must be owned or guaranteed by Fannie Mae and Freddie Mac or serviced by a HAMP? participating mortgage servicer. Does Fannie or Freddie own or guarantee your loan?

Freddie Mac criteria for HAFA eligibility also specify:

>   First-lien mortgages, owned, guaranteed, or securitized by Freddie Mac.
>   Eligible properties are single-family 1-4 unit primary residences.
>   Borrowers must be more than 60 days delinquent and have cash reserves
     less than the greater of $5,000 or three times the current monthly
     mortgage payment.

Go to Freddie Mac Resource Page.

These eligibility criteria are for guidance only.  Contact your mortgage servicer to see if you qualify for HAFA.

 In many cases, a short sale is a dignified exit strategy where the borrower can sell the house and avoid the negative impact of foreclosure on their credit report and return to a better financial position.

A short sale may be a better way out. If you want to see if you qualify - click here.

We help homeowners use a Short Sale to avoid home foreclosure in Somerset County and Middlesex County New Jersey real estate market.

This site is sponsored by "Cameron and Zoraida" at http://www.CameronAndZoraida.com

Cameron Henderson and Zoraida Maldonado, Broker Associate
Weichert Realtors, 3530 Rt. 27, Kendall Park, NJ 08824
(732) 398-1493 Mobile, (732) 297-0200

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