Friday, April 23, 2010
HAFA and HAMP
A few terms which have picked up steam in the alphabet soup that is real estate lately are HAMP and HAFA.HAMP -Home Affordable Modification Program
HAMP is an existing program attempting to modify loans to keep people in their current homes. Sometimes even this isn't enough to be able to help a family stay in their home though. As such, HAFA was introduced.
Fannie Mae has made some extensive information available about HAMP.
HAFA - Home Affordable Foreclosure Alternatives
HAFA officially began on April 5, 2010 and ends December 31, 2012. This is a program designed by the Treasury Department to try to reduce foreclosure by providing incentives to help move short sales along or to complete a deed-in-lieu of foreclosure. Any lender participating in HAMP is required to participate in HAFA.
Some examples of the incentives are:
- $3,000 for borrowers to help with relocation costs
- $1,500 to loan companies to help process the transaction
It's not pleasant to find yourself in a situation where you need to ask for help, but these and other programs are out there. Make sure to contact your local Realtor to see if they can help you.
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