Erica Contreras Canoga Park Real Estate

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HAFA Program

HAFA Program – Short Sale
A short sale, also known as a pre-foreclosure sale, is the sale of a property for less than the balance remaining on the mortgage loan secured by the property. With a short sale, the mortgage lender agrees to release its mortgage lien on the property when it receives the proceeds of the sale of the property, even though the proceeds are less than the mortgage loan balance. Benefits to you may include:
Avoiding foreclosure
Satisfying the outstanding balance on your Loan
Receiving a cash payment in the amount of $3,000 to use toward moving or other expenses

Eligibility:

*Own a one- to four-unit home that is your primary residence;

* Got your mortgage on or before January 1, 2009;

* Have a mortgage payment (including taxes, insurance, and homeowners association dues) that is more than 31 percent of your gross (pre-tax) monthly income;

* Owe an amount that is less than or equal to $729,750 on your first mortgage for a one-unit property (there are higher limits for two- to four-unit properties);

* Does not qualify for a Trial Period Plan;

* Does not successfully complete a Trial Period Plan;

* Is delinquent on a HAMP modification by missing at least two consecutive payments; or

* Requests a Short Sale

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HAFA Program

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