Short Sales
Making Homes Affordable
The Making Home Affordable © (MHA) Program is a critical part of the Obama Administration's broad strategy to help homeowners avoid foreclosure, stabilize the country's housing market, and improve the nation's economy. This program is a great alternative to Short Sale. This program also gives great incentives for relocation.
http://www.makinghomeaffordable.gov/pages/default.aspx
HAFA - Home Affordable Foreclosure Alternatives
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 or deed-in-lieu of foreclosure.
http://www.makinghomeaffordable.gov/programs/exit-gracefully/Pages/hafa.aspx
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HAFA Eligibility*
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.
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Are You HAFA Eligible?
http://www.makinghomeaffordable.gov/get-assistance/explore-eligibility/Pages/eligibility.aspx
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HAMP - Home Affordable Modification Program Participating Servicers
Over one hundred mortgage companies have agreed to participate in the Home Affordable Modification Program SM (HAMP SM). The link below offers a list of companies who are participating and the contact information for submitting an application.
http://www.makinghomeaffordable.gov/get-assistance/contact-mortgage/Pages/default.aspx
HUD - U.S. Department of Housing and Urban Development
