This short sale program is ideal for someone who needs to move to an affordable home and cannot afford to pay their current mortgage payment. HAFA will provide you with free advice from HUD-approved counselors and the sale will be less harmful to your credit than a foreclosure or the typical short sale procedure.

You also will be paid $3000 to pay for relocation costs. If you qualify for HAFA, then your mortgage company will work with you to short sell your home. The good news is that HAFA guidelines stipulate that after you sell your home, then you are released from the debt. This is the biggest reason some people choose the HAFA short sale program versus a conventional short sale.

To qualify for The HAFA program you must be suffering from a hardship (loss of income, increased mortgage payment, etc). It is unlikely that you will qualify for the program without a hardship. The mortgage that you owe to the bank or to a third party must be less than $729,750 and for your personal residence. In addition, you must have obtained your mortgage on or before January 1, 2009. Your mortgage payment, taxes and insurance payments must not be more than 31 percent of your total monthly income, and you should not have bought any property in the last 12 months. The program requires you to apply for the Home Affordable Modification Program (also known as HAMP) before moving forward with the short sale.

Leave a Reply.

    East Lion Realty & Mortgage

    We're a big-town company that handles realty in all of Southern California. Haven't heard of us? Come to our website to learn more then!

    About the Team

    Here at East Lion Realty & Mortgage, we take care of you and want to learn more about you. In order to do that, you need to learn more about us as individuals. Go here to view our profiles.

    Thinking about a Short Sale?

    Ashish can help you short sale your property and get back on your feet. Send him an e-mail at Ashish@EastLionInc.com. He will contact you for a free consultation and explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call him directly at (818) 259-3455.

    Discover how other sellers successfully completed a short sale and request a free consultation by going to our Facebook page.


    Curb Appeal
    Finding Agents
    Hardship Letter
    Home Value
    Load Modification
    Short Sale
    Tiny Homes