Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate

Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
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Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate








Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate

 

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CDPE: Understanding HAFA: New Alternatives Are Available

View HAFA - HAMP Participating Lenders

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Behind On Payments?
Understanding HAFA
New Alternatives Are Available

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The government's Home Affordable Foreclosure Alternatives Program is here...and you need an advocate

You may have heard it before, but now it's taking effect: our federal government is actively trying to combat the millions of foreclosures happening across the country. To address this need for new options, an initiative is in effect called the Home Affordable Foreclosure Alternatives Program, or HAFA. While the details of what this means to the government, lenders, servicers and agents are complicated, you - the homeowner - need to clearly understand the new solutions available to you.

This report provides a straightforeward explaination of HAFA and,. more importantly, what it means to you.

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First: What is HAMP?

The Home Affordable Modification Program (HAMP) was introduced in March 2009 to assist homeowners whose mortgage payments were too high for their income levels (more specifically, those exceeding 31 percent of income).

For homeowners whose mortgage payments are slightly out of reach, HAMP can lower the payments, allowing them to stay in their homes. Unfortunately for most homeowners facing financial hardship, HAMP can't offer a large enough mortgage reduction, so most who enter the program don't qualify or end up defaulting on the modified mortgages.

Whether through government programs or your lender, this can be a difficult process to understand. Please contact me is you would like to find out if you qualify for a mortgage modification.

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OK, so what is HAFA?

HAFA, or Home Affordable Foreclosure Alternatives, is the government's newest program put in place to benefit homeowners who do not qualify for HAMP assistance. Released in April 2010, this program is designed to expedite foreclosure avoidance options for homeowners in need. By promoting the swift execution of a short sale or deed-in-lieu, HAFA can potentially save millions of homeowners from the financially devastating event of foreclosure.

In a short sale, the property is sold for less than the mortgage amount in order to avoid the foreclosure process.

In a deed-in-lieu of foreclosure, the property is given fully to the lender because the homeowner can no longer make payments, and then the property is then sold to retrieve part of the loan balance owed.

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Specifics

In order to qualify for the HAFA program, you first have to meet the initial HAMP criteria.

You must:

  1. Be delinquent on your mortgage or face imminent risk of default;

  2. Occupy the property as your primary residence;

  3. Have a mortgage originated on or before January 1, 2009;

  4. Have an unpaid principle balance no greater than $729,750 for a one-unit property; AND

  5. Have total monthly mortgage payments exceeding 31 percent of your gross income.

If you meet the above criteria, but a mortgage modification still leaves you with an unaffordable mortgage, HAFA becomes your primary solution to avoid foreclosure, salvage your credit score, and move on with dignity through a short sale or deed-in-lieu

 

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Specifics

HAFA only applies to loans that are not owned or guaranteed by Fannie Mae or Freddie Mac. A HAFA short sale or deed-in-lieu only applies to first lien mortgage loans, but the program does offer lender incentives to assist homeowners who have multiple mortgages on their property.

 

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How can HAFA help me?

HAFA can potentially save you a lot of grief and heartache by creating standardized processes and setting limits on how long a lender can wait to respond to short sale requests. Currently, short sales can be lengthy transactions, making it difficult for potential buyers of your home to remain in the process.

The program requires participating lenders to determine what they are willing to accept before dealing with a short sale request - similar to other pre-approval processes. This is so the lender can't abruptly change how much money it wants to receive from the short sale. The fewer curveballs a lender can throw, the better.

HAFA also benefits homeowners by stopping a lender's ability to pursue a deficiency judgement after a short sale or deed-in-lieu has been completed.

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Specifics

A deficiency judgement is an action taken against a debtor or borrower whose foreclosure sale or short sale did not cover the entire debt owed to the lender. A lender's ability to pursue this course depends on the conditions of the original loan.

 

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Prohibition of a deficiency judgement means your lender can't come knocking on your door to collect the portion of the mortgage not covered by the transaction. Such protection allows you to more quickly regain financial stability and move on with your life.

Homeowners may also receive a $3,000 incentive upon completion of a short sale.

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Why are Lenders Participating?

HAFA offers lenders an incentive of up to $6,000 for a successfully processed short sale or deed-in-lieu. The lenders are not permitted to charge you - the homeowner - any processing fees or out-of-pocket expenses, and this incentive is given to them in exchange for that limitation.

The truth is, a select few lenders and mortgage servicers may not participate in the HAFA program. But despite this, a lender almost always loses more money in a foreclosure than in a short sale or deed-in-lieu. If a lender is convinced that a homeowner has no way of paying the current mortgage, they will be concerned with salvaging as much of their investment as possible, so short sales are generally the best option for them as well.

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What if my agent can't find a buyer for my home?

If you attempt a short sale under HAFA and a transaction does not close by the program deadline, the lender will receive your deed-in-lieu of foreclosure. This will provide effectively the same result for you, since either way you will have a more positive solution to foreclosure, your mortgage debt will be forgiven, your credit score will be salvaged, and you will receive the $3,000 incentive to help with moving costs.

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Which Lenders are Currently Participating?

Generally speaking, lenders who particiapte in HAFA are also participating in HAMP. As a CDPE, I can always provide the most up-to-date list of lenders participating in HAFA. Following is the U.S. Treasury Department's report of HAMP involvement as of January 2010.

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"These (HAFA) options eliminate the need for potentially lengthy and expensive foreclosure proceedings, preserve the physical condition and value of the property by reducing the time a property is vacant, and allow the homeowners to transition with dignity to more affordable housing"

David Stevens,
Commissioner of the Federal Housing Administration

 

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View HAFA - HAMP Participating Lenders

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Contact me today and let’s get started!
Jerry Lee Hatley
Re/Max Mountain Realty
P.O. Box 1351, Maggie Valley, NC 28751
cell: (828) 230-1082
email: jerryhatley@bellsouth.net

CDPE website: http://www.hosted.cdpe.com/167450/

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Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate

Short Sale Specialist: Jerry Lee Hatley
Foreclosure is NOT
your only option!

Short Sale Incentives:
Why Banks will Give You Money to Sell the Home You Can't Afford

The nation’s leading mortgage lenders are extending extras for short sale transactions employed as an alternative to foreclosure – both in the form of monetary incentives for borrowers and streamlined procedures for real estate agents. read more.......

Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
   
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
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