Eligibility and Qualifications
You must meet all the following criteria in order to be eligible for HAFA.
- You must not have bought a new home in the last twelve months
- You must have documentation of financial hardship
- You must of got your mortgage before or on 1st January 2009
- Your first mortgage must be less than $729,750
- If you have been convicted of fraud, money laundering, felony larceny, theft or evading your taxes especially if it is in connection with a real estate or mortgage transaction then you will not be eligible
- Your mortgage must be guaranteed or owned by Freddie Mac or Fannie Mae
If it is found that the borrower, the servicer and the mortgage all meet the required qualifications, an HAFA must be considered by the lender as long as the borrower:
- Has been turned down for a period plan trial
- They have been denied the permanent Home Affordable Modification Program or they have been unsuccessful in completing the HAMP period plan trial
- A DIL or Short Sale is requested
- The HAMP modification is delinquent ( two consecutive payments have been missed)
Applying for a HAFA
DIL’s and Short Sales are transactions that are complex and involve cooperation and coordination between various other parties. The great thing about the HAFA program is that it streamlines and simplifies the entire process making this option if available to you the best one to enquire about and apply for.
There are plenty of organizations you can contact in order to help you determine if it is worth your while making an application for an HAFA, and if you are eligible then don’t delay in doing so.
Loan Modification Specialists has over 10 years experience of which thousands of Foreclosure cases have been prevented.
We can Stop Foreclosure. We can lower your payments and we have multiple alternatives to help you get your finances back on track. Get Started Today!