VA, DC, MD HAFA Information -Home Affordable Forclosure Alternatives. Virginia Short Sale Expert

We service short sales in VA, DC & MD.

This Information is comes from Making Home and I thought it would be helpful.

Home Affordable Foreclosure Alternatives (HAFA) Program
If your mortgage payment is unaffordable and you are interested in transitioning to more affordable housing, you may be eligible for a short sale or deed-in-lieu of foreclosure through HAFA SM. The benefit of a HAFA short sale is that you are no longer responsible for the difference between what you owe on your mortgage and the amount that your home sells for. You will also receive $3,000 in relocation assistance upon successful closing of your short sale. In a short sale, the servicer allows you to list and sell the mortgaged property with the understanding that the net proceeds from the sale may be less than the total amount due on the first mortgage. or deed-in-lieu of foreclosure With a deed-in-lieu of foreclosure, you voluntarily transfer ownership of your property to the servicer— provided the title is free and clear of mortgages, liens, and encumbrances. Generally, if you make a good faith effort to sell your property but are not successful, a servicer may consider a deed-in-lieu of foreclosure..

You may be eligible to apply if you meet all of the following:

•You live in the home or have lived there in 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 within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.
*Eligibility criteria are for guidance only. Contact your mortgage servicer to see if you qualify for HAFA.

Program Availability
HAFA SM is available for mortgages that are owned or guaranteed by Fannie Mae and Freddie Mac or serviced by over 100 HAMP SM participating servicers.  Call us for a list of HAMP Servicers.