Save Your Home with New Updated Obama Refinance Program
“About millions of homeowners are under trial modification of making home affordable program. But very few among them receive the permanent change to the program. There are other options as well like shot sells and deed- in- lieu but are not successful because of cumbersome paper work and long waiting period for approval. Get introduced to home affordable foreclosure alternatives program (HAFA) and save your home from foreclosures.”
About 750,000 homeowners qualify for the trial period under making home affordable program. But very few among them can turn permanent for the program. Other options like Short Sells and Deed-in-Lieu are available for countering foreclosure but the cumbersome paper work and loan period of approval made this program unsuccessful. Hence a new program called home affordable foreclosure alternatives program (HAFA) is launched as an alternative to all other programs. This new program is powered with attractive cash incentives for everyone and has the same old objective of helping struggling homeowners to save their homes from losing it to foreclosures. There are some basic requirements which you should meet with in order to qualify for the program; know these rules before applying for the program.
The new making home affordable refinance with foreclosure alternatives also know has (HAFA) has following qualifying criteria’s:
- Those who have failed for HAMP trial earlier
- Have missed two consecutive mortgage payments
- Have failed to keep current on new modified terms
- Have requested for the alternatives of Short Sell and Deed-In-Lieu
This new home affordable foreclosure alternatives program (HAFA) is valid from April 05 2010 to December 2012. If you meet the above listed basic criteria for the modification you are eligible for this option. Attractive cash incentives are offered to mortgage refinancing lenders and borrowers who participate in the program. This program allows troubled homeowners to Short Sell the house or if this is not possible than Deed-In-Lieu option. Here under this program you need not resubmit hardship and income information you submitted for HAMP and it gives Short Sale pre-approval to the borrowers. Then the property gets listed for the sale. Freddie Mac is an appointed compliance agency for the program and this new program works under the support of Obama refinance program.
Benefits of HAFA:
There are few benefits in terms of cash incentives for all those who are involved in this program i.e. servicer, borrower and investor all are provided cash benefit after one month of successful completion. Homeowners are offered $1500 cash under “relocation allowance”, $1000 to your primary mortgage owner and $1,000 to your new mortgage lender. With Deed-In-Lieu method all the foreclosure proceedings for modifications are done away and this saves you from losing about thousands of dollars.
You have to submit your HAMP application within 30 days of not qualifying for Obama refinance plan. Homeowner has to respond to HAFA notice within the period of 14 days. The total time period of cycle is of 30 days for getting the approval for the program and response from the lender.
You can get more useful information on Second Mortgage Program and FHA Refinance Program by visiting online service providers like ObamaLoanModification.
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