Finally, on August 1st this year, Fannie Mae and Freddie Mac rolled out their own HAFA programs. Now, just about the only loans that don't have a HAFA program are the FHA and VA loans, as well as the USDA. If you aren't familiar with HAFA, it could be the best program to be launched for distressed homeowners....ever.
HAFA is a program in which the government has strong-armed many of the larger lenders to participate. They received TARP funds, and this program is a sort of pay-back for that. What HAFA means for you, is that upon leaving your home after a successful short sale, you will receive up to $3000 to help you get on your feet again. In addition, there are incentives to the lender, as well as to second lien holder, to participate. The incentives aren't large, between $1500 and $3000. And what do you get in addition to the $3000? You get a guarantee that neither lender can come after you for a deficiency. That is almost always worth far more than $3000.
So, participating in a HAFA short sale for a homeowner unable to make their payments, could literally be the best thing since sliced bread.
For more information, please call me at 530-743-3333. I would be happy to talk to you more about the program, and find out if you qualify.
(Yes, several of these statements are opinion, not fact.)