Friday, September 21, 2012
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When President Obama signed the Home Affordable Act into law, many aspects were introduced but all had one common goal; to help homeowners get through the difficult times that have placed them in impossible situations. After the housing market crashed in 2007, countless Americans were faced with the possibility of losing their home to foreclosure – largely due to a sudden dip in values resulting in them owing more on the home than the home was worth.
The Home Affordable Foreclosure Avoidance Program is a benefit that allows qualified homeowners to obtain a waiver of deficiency so that the lender does not come after them once all is said and done. One very attractive aspect of the program to homeowners considering alternatives to foreclosure is that the bank will provide up to $3,000 in moving costs at the time escrow closes.
Though this is a popular program, not everyone qualifies. For starters, the home in question must be the borrowers’ primary residence. There are other considerations too.
To be sure that you are availing the maximum amount of the benefit available to you, be sure to contact a real estate agent that is well versed in the workings of short sales, foreclosure avoidance and the HAFA program in general. There are two websites where you can get more information and find out if this program is right for you:
The first website is a great resource for information. The second website will help you figure out when your property will become an asset again. Both will provide some direction on where you might want to head next.
For a customized consultation about your situation with an expert that has dealt with many, many short sales, contact us today. Keep in mind, not everyone qualifies, there is a specific process that must be followed and not every agent has the expertise to deal with this type of complex transaction. It is critical that you find an agent that is committed to your best interests.
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