When you’re trying to avoid foreclosure on your Southern Maryland home, a HAFA Realtor in Maryland can help. Here we’re going to go over all of the benefits of the HAFA program for homeowners in Maryland and explain just what the HAFA program is. It’s a new twist on short sales; when lenders agree to a short sale under the HAFA program they get u to $6,000 for approving it, and home owners get to keep their dignity and avoid unnecessary credit damage.
What is HAFA?
HAFA stands for “Home Affordable Foreclosure Alternatives”; it’s an FHA/HUD program that aims to help people who don’t qualify for the HAMP program (mortgage payment assistance) avoid foreclosures. Since it’s a twist on short sales, you’ll have to be nearing foreclosure or behind on your payments. A HAFA Realtor in Maryland will have experience with short sales and HAFA cases, helping you decide if it’s the right choice for you and your home.
One great thing about the HAFA program is it helps you rebuild your credit. Unlike traditional short sales the bank won’t be able to come after you for a delinquency judgment; if the lender agrees to a short sale of your home under HAFA and the sale price doesn’t pay your debt in total, they won’t be able to come after you for the remainder. A HAFA Realtor in Maryland will be able to help you get the best chance of completing a short sale.
Are HAFA Sales Hard?
A HAFA Realtor in Maryland will be able to help you fill out your paperwork; many short sales have died a slow death on the vine because the paperwork was incomplete or incorrectly completed. You need a good relationship with lenders and persistence to make sure that the loan officers get back to you on time. This is one of those times when a DIY approach will only hurt you in the end. If you want to be successful with the HAFA program you’re going to need an experienced HAFA Realtor in Maryland to help you get your case a fair hearing.
Why a HAFA Realtor in Maryland?
Almost any realtor can handle your HAFA home sale, right? A HAFA Realtor in Maryland (like me) will help you with your paperwork and has been through the process before. The last thing you want to do is trust your home to someone who just doesn’t know what they’re doing. While the HAFA program is a great alternative to foreclosure, there are stipulations. These include being delinquent on your payment or nearing default, owing no more than $729k on the principal of the loan and that the home is your main residence. A HAFA Realtor in Maryland will be able to help you decide if HAFA is the right course of action for your situation.
Every situation is different and without careful examination of your case it’s hard to know which path is right for you. I’m a HAFA Realtor in Maryland and if you’d like more information check out my Maryland HAFA information form.