For homeowners struggling to stay on top of their mortgage, foreclosure is an alarming prospect. However, the Home Affordable Foreclosures Alternative (HAFA) Program has alleviated a lot of the alarm many homeowners have felt. The program helps homeowners avoid foreclosure in the event that they are unable to secure any kind of successful loan modification from their bank.
While HAFA was originally intended to sunset on December 31, 2012, it was announced in early June that the program would be extended through December 31, 2013! There’s other good news, too, attached to the newly revised Home Affordable Foreclosures Alternative Plan. The second lien maximum (which used to be $6,000) has now been raised to $8,500!
Also, the program opens up to a wider audience. If you are renting from an owner who takes advantage of the HAFA program, you can qualify, too, even though you are a non-borrower.
Additionally, the HAFA program allocates $3,000 to the primary resident (which can be the borrower or renter) in order to assist with relocation. This can be a great benefit – especially for a family that needs to get back on their feet again.
If you are struggling with your mortgage, make sure you look into the newly revised Home Affordable Foreclosures Alternative Program. This program may be just what you need in order to either avoid foreclosure or make the most of the experience. With all of the financial benefits that HAFA provides, you won’t want to go through foreclosure any other way!