At
the Tello Team we want to keep you informed. With that said,
we want to bring you up to speed on the changes to HAFA (Home Affordable
Foreclosure Alternatives), which is a government-run program that assists all
HAMP (Home Affordable Modification Program) homeowners with avoiding
foreclosure through short sales or deeds-in-lieu.
If
you cannot afford your mortgage, and transitioning to a more affordable housing
situation is necessary, HAFA could be your answer. There are several updates
and extensions to this program – those of which took effect this week on June
1, 2012.
Some
of those updates and extensions are:
· The deadline for applying was
extended full year from December 31, 2012 until December 31, 2013.
· There are now no longer occupancy
requirements. The buyer cannot have purchased a residential property within the
past 12 months.
· Mortgage payments may now exceed
31% of your gross monthly income – if it keeps the homeowner current on their
mortgage.
·
Your information will be sent to the Credit Bureau and will be reported. On
credit reports, it will appear as Account Status Code = 13 (Paid or closed
account/zero balance) or 65 (Account paid in full/a foreclosure was started).
If you are facing
foreclosure and are not sure where to turn, contact the Tello
Team. More information on our short
sale services can be found at www.shortsalesoldnow.com. We can discuss your options, and find the program
that would best suit your needs and situation. Call us today at 954-237-0600.
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