HAFA (Home Affordable Foreclosure Alternatives, is part of the part of the Makeing Home Affordable Programed which helps homeowners during this current economic crisis through short sales and deeds-in-lieu.
The programs gives a $3,000 cash incentive to homeowners to avoid foreclosure and successfully complete a short sale or deed-in-lieu.
Probably the most appealing part of the HAFA program is the lender agrees to forgive the remaining mortgage debt for which the home sells for or for the deed to the home. Note: New Mexico law allows for a deficiency judgements which can be brought by the lender to the borrower for the difference from the mortgage balance to what the actual selling price was and closing cost. The HAFA program specifically waives a deficiency judgement so the homeowner will not be stuck with excess debt.
HAFA also speeds up an otherwise very long process of a short sale. They do this by setting deadlines for the lender to respond.
There are specific qualifications that a homeowner must meet. Contact me for a full report and to see if you qualify and if it is right for you. Visit http://www.nmwelcomehome.com/prevent-foreclosure.php for more information.
Posted by NMWelcomeHome Team Associates (505) 886-1432 on
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