Home Affordable Foreclosure Alternatives Program (HAFA) Extended Through 2013.

1. Home Affordable Foreclosure Alternatives
Program (HAFA) Extended Through 2013
-- Ty Leon-Guerrero of Team1Realty
Ty Leon-Guerrero
www.team1realty.com
Call : 800-533-7107

2. Making Home Affordable (MHA) Program was introduced by the
Obama Administration in 2009 - to stabilize the housing market and
help struggling homeowners obtain relief and avoid Foreclosure.
Ty Leon-Guerrero
www.team1realty.com
Call : 800-533-7107

3. The program consist of several smaller programs including
• The Home Affordable Modification Program (HAMP)
• The Home Affordable Refinance Program (HARP and HARP 2.0) and
• The Home Affordable Foreclosure Alternatives Program (HAFA).
Ty Leon-Guerrero
www.team1realty.com
Call : 800-533-7107

4. Created in 2009, HAFA is a government-sponsored initiative assisting all
Home Affordable Modification Program (HAMP) eligible homeowners in
avoiding foreclosure through short sales and deed-in-lieus.
Ty Leon-Guerrero
www.team1realty.com
Call : 800-533-7107

5. • The HAFA updates will go into effect on June 1, 2012, and will allow
more distressed homeowners to seek assistance.
• Most importantly, the deadline for submitting for HAFA eligibility will
be extended a full year, from December 31, 2012, to December 31,
2013.
Ty Leon-Guerrero
www.team1realty.com
Call : 800-533-7107

6. Other major changes from March's updates to the HAFA program
include:
• The removal of occupancy requirements. Previously, HAFA required
homeowners to have lived in the property within the last 12 months.
• $3,000 relocation incentives will be limited to properties occupied by an
owner or tenant at the time of the short sale.
• Mortgage payments will be allowed to exceed 31% of the homeowner's
gross monthly income. This update will allow a homeowner to stay
current on her mortgage and still qualify, minimizing the overall impact
to her credit.
• Secondary lienholders may receive up to a maximum of $8,500, up from
$6,000 previously.
• And one of the most dramatic changes: The Credit Bureau Reporting will
be Account Status Code 13 (paid or closed account/zero balance) or 65
(account paid in full/a foreclosure was started), as applicable.
Ty Leon-Guerrero
www.team1realty.com
Call : 800-533-7107

7. With these updates, a homeowner can be current on their mortgage,
qualify for HAFA, continue to make their payments, and execute a short
sale with minimum impact on their credit!
Ty Leon-Guerrero
www.team1realty.com
Call : 800-533-7107

8. Contact Ty Leon-Guerrero
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Alameda, Contra Costa, Sonoma, Solano, Napa Counties
Fairfield, CA 94533
Call Us : 800-533-7107
www.team1realty.com