The federal government’s Home Affordable Foreclosure Alternatives (HAFA) Program is set to expire December 30, 2016. The program pays homeowners $10,000 to complete a short sale rather than go through the foreclosure process.
Since the application deadline for HAFA is only a few months away, it is important for homeowners to apply as soon as possible. We can help you find out if you qualify for HAFA.
Here are some of the benefits of the HAFA Short Sale Incentive program:
- The HAFA short sale incentive is $10,000 cash.
- The money can be used however the seller sees fit.
- The program applies not only to primary residences, but also to second homes, vacant properties, and rental properties.
- Once you complete a HAFA short sale, there is a waiver of deficiency, meaning you are released from paying any remaining mortgage debt.
For people with underwater mortgages who need to sell their home, HAFA is a great opportunity to get a much-needed infusion of cash. You can get more details about the HAFA program here.
Do you qualify for a short sale?
HAFA is only available to homeowners who do a short sale. Although every situation is unique, the basic criteria for qualifying for a short sale are:
- You need to sell your home.
- You owe more on your mortgage than your home is worth.
- You have a personal financial hardship that will prevent you from making future payments. (Examples of hardship include loss of job, divorce, death of a spouse and medical emergency or illness.)
It is critical that homeowners considering a short sale meet with a professional to review their options and discuss the potential legal and tax implications.
Washington Property Solutions offers FREE real estate attorney consultations as part of our service.
Call us at 425-381-2233 or email us to schedule a free confidential consultation.