HAFA Update! Good News for Central Maryland Short Sales!

Reblogger Ellie McIntire
Real Estate Agent with Ellicott City Clarksville Howard County Maryland Real Estate 535650

As Short Sales become more prevalent in Central Maryland there is good news on the horizon. The Obama Administration have made some amendments to the current HAFA program. This will help local homeowners.

The most important change is that you do not have to be delinquent.

Original content by Cinda Rose SA632402000

Have you heard about the updates to the Home Affordable Foreclosure Alternative (HAFA) program?  Earlier this month, on March 9th, the Obama Administration announced updates to HAFA, a government-sponsored program to assist qualified distressed homeowners in avoiding foreclosure through short sales and deed-in-lieus.  This new update will allow more distressed homeowners to seek assistance.

The updates will be effective as of June 1, 2012.  Major changes to HAFA program include:

  • Deadline for submitting for HAFA eligibility has been extended a full year, from December 31, 2012 to December 31, 2103.
  • $3,000 relocation incentives are now limited to properties occupied by an owner or tenant at the time of the short sale.  
  • Mortgage payments may now be allowed to exceed 31% of the homeowner's gross monthly income.  This update will allow homeowners to stay current on their mortgage and still qualify, minimizing the overall impact to their credit.
  • Secondary lienholders are now being offered up to $8,500, up from the previous $6,000.
  • Removal of occupancy requirements.  Previously Hafa required homeowners to have lived in the property within the last 12 months.
  • The Credit Bureau Reporting will now be Account Status Code 13 (paid or closed account/zero balance) or Code 65 (account paid in full/a foreclosure was started), as applicable.
Finally homeowners can be current on their mortgage and quailfy for HAFA!  So many homeowners have wanted this option so they can stay current during the short sale process and help minimize the affect of a short sale on their credit.  If you would like more information about short sales and HAFA, please visit my website at www.TheWestValleyHomeTeam.com.  
 
 
Cinda Rose
Cinda Rose - Realtor
The West Valley Home Team
Ph: 623-252-9350
cinda@wvhometeam.com
thewestvalleyhometeam.com
      
CDPE - CIAS - CSSN - SFR - IMSD

 

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Topic:
Real Estate General Information
Location:
Maryland Howard County
Groups:
1st Time Buyers
Tags:
short sale realtor
short sales in maryland

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Ellie McIntire

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I am a Maryland transplant from many other places, most recently Florida, but since 1997 I have found my true home in the heart of this great State. Maryland has it all. Mountains 3 hours to the West, the Atlantic Ocean 3 hours to the East and head North and South for either Philadelphia and New York or Washington DC. It is the perfect location! The Metro Baltimore area offers a rich mix of history and modern amenities. City living, suburbia or "not a neighbor in sight" is available in this area. Excellent Schools, amazing communities and an incredible location is why many people choose to live in Central Maryland. I proudly help my clients buy and sell all types of homes in Howard County and beyond. Enjoying the entire process is my goal for my clients. Every transaction is different and everyone has different needs. I know the Metro Baltimore area well and I am current on the Real Estate Market activity- That's my job. As your "Buyers Agent" I will work diligently to find you the home that suits all your needs. I will update you immediately when a home matches your search criteria. I will educate you on the current market and help you craft the best offer possible. I will "hold your hand" throughout the entire process. As your "Listing Agent" I will coach and guide you from day one to put your best foot forward when you list your home. I will use aggressive and innovative marketing strategies to give your home the best exposure possible. I will use modern technology and multiple resources that other agents do not use. I WILL PROVIDE YOU WITH PROOF OF ALL MY EFFORTS. I am a full time agent and I my number one goal is to give you exceptional service ALWAYS.