MISCONCEPTIONS ABOUT THE (HAFA) PROGRAM . . CASH FOR KEYS?

By
Real Estate Broker/Owner with Maxus Realty Group - Broker 301-246-0001 Broker - Realtor

MISCONCEPTIONS ABOUT THE  (HAFA) PROGRAM . . CASH FOR KEYS?

HOME AFFORDABLE FORECLOSURE ALTERNATIVES (HAFA) PROGRAM HAS BEEN IMPLEMENTED TO ASSIST HOMEOWNERS IN DISTRESS.

 Home Affordable Foreclosure Alternative

The HAFA Program became effective April 5th 2010, servicers may participate immediately, or as soon as is practical. The primary options available through HAFA include Short Sale and Deed-in-Lieu of Foreclosure.

Just because this program pays the homeowner $3,000 relocation expenses at closing does not mean that the HAFA Program is a CASH FOR KEYS directive.

A traditional short sale or a  HAFA short sale and Deed in Lieu Of Foreclosure are still the last 2 OPTIONS a homeowner must choose before losing their homes to a foreclosure.

You must (at all costs) seek a modification on your loan first. . . the Government is not in the business of helping the banks, the HAFA Program is for the homeowners in distress that have exhausted all possibilities in saving their homes and they are now in the path of a foreclosure.

The two options are. . .

  1. Short Sale 
  2. Deed In Lieu Of A Foreclosure

The HAFA Program short sale is the  best  option for the homeowners now. . 

It gives them $3,000 and it completely eliminates a deficiency  judgment  from the shorted amount after they sell their home.

"Maryland and Virginia Homeowners could benefit with the new HAFA  Program"


In case you are wondering. . 
What is the difference between a foreclosure and a short sale using the HAFA Program?

In a short sale with HAFA you SELL YOUR HOUSE and you owe the lender nothing!

In a Foreclosure.YOU LOSE IT ! and you get a deficiency judgment filed against you*

 

 

Click on my eBook about Short Sales.. .to have a clearer vision if you could use a SHORT SALE in order to begin  a new fresh start.. .you must have a hardship to qualify.

 

RealtorFernando Herboso is a Certified Distressed Property Expert 

 

Short Sales Maryland
and a Gold Member Certified Default Resolution SpecialistTM with (CDRS)

 

 

short sales specialist
You can call  (Fernando Herboso) directly  @  240-898-1848 ext #1 or email : Fernando@Herboso.com

 


We can help you directly in Maryland, DC or Virginia

 

If outside our area. ..we can guide you to a local true professional that cares and  loves helping people avoid

foreclosure as much as we do!

Just give me a call or email  to Fernando@Herboso.com

 

More about short sales in Maryland using the HAFA Program

 

* Depending in the state you live in. . in Maryland the lender will file a petition to the court for a deficiency judgment against the homeowner.

 

 

Short Sales Maryland , DC and Virginia

 

 

 


 

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Show All Comments
Rainmaker
305,803
William True
True Sarasota Real Estate - Sarasota, FL
Sarasota Real Estate

This is good information Fernando, having just taken effect of Monday.

Apr 08, 2010 05:51 AM #1
Rainer
49,391
Jennifer Arbach
EXIT Realty Front and Center - Binghamton, NY
Administrator

Thanks, Fernando, for a very informative article, We don't have too many foreclosures in this area, not to say they don't exist. I have been avoiding them but the time will come when I can no longer. Thanks for the post!

Apr 08, 2010 05:53 AM #2
Rainmaker
384,240
Catherine "Cathy" Chaudemanche- Edison
Metuchen Keller Williams Elite Realty / Middlesex County, NJ - Edison, NJ
Real Estate & Middlesex County in NJ

Thank you for the information Fernando, timely and concise.

Apr 08, 2010 05:54 AM #3
Anonymous
Anonymous
Anonymous

Thanks for keeping us up to date on this issue.

Apr 08, 2010 06:38 AM #4
Rainmaker
1,485,099
Lawrence "Larry" & Sheila Agranoff. Call 631-805-4400 (c)
Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo & Home Sale Specialists

Great current info...will keep it as a reference!

Apr 08, 2010 05:18 PM #5
Rainmaker
1,917,404
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thank you for the information.Have a good weekend.

Apr 09, 2010 07:12 AM #6
Rainmaker
800,911
Al Raymondi
Ocean View Realty Group in Ormond By The Sea Florida - Ormond Beach, FL
Ormond By The Sea Florida - Home and Condo Sales a

Thanks for keeping us on the right track Fernando.

Apr 10, 2010 07:00 PM #7
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Fernando Herboso - Broker for Maxus Realty Group

301-246-0001 Serving Maryland, DC and Northern VA
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