Sacramento Short Sale Center

Understand The Newest Government Short Sale Program HAFA

Welcome To The Sacramento Short Sale Center; Your Source For Up-To-The Minute Short Sale Information In Sacramento and Sacramento Area Short Sale  Information AND HAFA SHORT SALE Help!

Sacramento Area HAFA Short Sale Expert Forth Hoyt Explains The New Fannie Mae and Freddie Mac’s HAFA Programs;

HAFA; The Newest Government Anti Foreclosure program has finally been adopted and by the two largest owners of home mortgages, Fannie Mea and Freddie Mac.  HAFA is the latest and greatest Government Short Sale Program. The GSE’s, (Government Sponsored Entities) have  announced their versions of the Making Home Affordable Foreclosure Alternatives (HAFA) program. The GSE’s are already rolling out these programs through many servicers right now but by August 1, all Servicers will be participating, implementing the program for all conventional mortgages that are held in their  portfolios.

Home Affordable Foreclosure Alternatives Program … Are You Eligible?

The original treasury’s HAFA program began in April. The Fannie Mae and Freddie Mac HAFA program is the latest in a string of programs designed to help borrowers avoid foreclosure. In addition to HAFA and HAMP workouts, Fannie Mae is letting some distressed borrowers stay in their homes as renters, under the deed for lease (D4L) program.

Newest Government Foreclosure Prevention Program Eligibility- Which Programs Do You Qualify For?

Under the Deed For Lease, or D4L program, the homeowner-turned-renter is required to pay fair market rent to stay in their home for up to 12 months. The renter must have enough income to sustain a 31% income-to-rent ratio.

The Government’s Bailout has already thrown over $146 Billion in propping up the GSE’s.  And recent estimates from the Congressional Budget Office (CBO) put the tab for subsidizing Fannie and Freddie at $389 billion, when all is said and done. Hopefully, by implementing their own GSE HAFA program, Fannie Mea and Freddie Mac short sales will drastically increase, less homes will need to be taken back in foreclosure and the losses to these two mammoth mortgage investors will be reduced.

HAFA, the newest government Short Sale Program is designed to give borrowers a last ditch option to avoid foreclosure. It is available to homeowners who are eligible for a loan modification under the Home Affordable Modification Program (HAMP) but were unsuccessful in obtaining one. Like the Treasury Department’s HAFA program, servicers cannot consider a borrower for the  HAFA program until the borrower is evaluated and eliminated from eligibility for a Making Home Affordable Modification Program (HAMP) workout plan.

Also like the Treasury program, Fannie Mae and Freddie Mac will both offer servicers cash incentives for completed HAFA transactions, $2,200 for short sales and $1,200 for deed-in-lieu of foreclosure agreements. Borrowers are also eligible for  $3,000 in Borrower Relocation Assistance incentives.

Home Affordable Foreclosure Alternatives Program … Are You Eligible?

Freddie Mac’s short sale initiative guidelines are more or less exactly the same as Fannie Mae’s, except for: 1) Freddie will not require any cash contributions or promissory notes and 2) other lien holders must also agree to release all liens without promissory notes or contributions from the borrower (Full Release Language).

That’s more than in the Treasury’s HAFA program, where servicers are eligible for $1,500. Under the Treasury program, borrowers also receive $3,000 in Borrower Relocation Assistance . In addition, the investor is also eligible for a maximum of $2,000 incentive.

Participating servicers will be required to report on their Fannie Mae and Freddie Mac HAFA activities to both Fannie and Freddie’s guidelines and the Treasury. The program sunsets on December 31, 2012.

Are you in Folsom, Granite Bay, El Dorado Hills, Natomas, Roseville, Elk Grove, Mather, Lincoln, Rocklin, or any other Sacramento area? We really are here to help!

More Questions About your Situation? Talk To A Certified Foreclosure Prevention Expert Today!

Contact us Today At Forth Hoyt’s Sacramento Short Sale Center

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