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About Short Sales

 

Home Affordable Foreclosure Alternatives (HAFA) Program


"Please Click Here" Contact Me About A Short Sale



 

Many homeowners may feel that they can no longer afford their home, but want to avoid the negative effects of foreclosure. The Home Affordable Foreclosure Alternatives (HAFA) Program offers homeowners, their mortgage servicers, and investors an incentive for completing a short sale or deed-in-lieu of foreclosure. With these options, under HAFA, a homeowner leaves their home to transition to more affordable housing and alleviate the mortgage debt they owe.

These options are available for homeowners who: 1. do not qualify for a trial mortgage modification under the Making Home Affordable Program; 2. do not successfully complete the trial period for their modification; 3. miss at least two consecutive payments during their modification period; or 4. request a short sale or deed-in-lieu of foreclosure.

Short Sale

In a short sale, the servicer allows the homeowner to list and sell the mortgaged property with the understanding that the net proceeds from the sale may be less than the total amount due on the first mortgage. 

Deed-in-Lieu of Foreclosure

Generally, if the borrower makes a good faith effort to sell the property but is not successful, a servicer may consider a deed-in-lieu of foreclosure. With a deed-in-lieu, the borrower voluntarily transfers ownership of the property to the servicer— provided the title is free and clear of mortgages, liens, and encumbrances.

The HAFA Program streamlines both of these options to make them easier for a homeowner to work with their servicer. Under the program, a homeowner can receive $3,000 to help with relocation costs.

Mortgage servicers and investors write their own guidelines under the Federal requirements to determine how to implement the program. For more information about your options, you should contact your mortgage servicer. If you have questions about the program, or want guidance about how these options may impact your personal situation, you may wish to speak to a HUD-approved housing counselor for free.

Your Graceful Exit
Watch a video to learn more about the Home Affordable Foreclosure Alternatives Program.

Making Home Affordable and Other Options to Remain in Your Home

Mortgage servicers who participate in the Making Home Affordable Program are required to evaluate homeowners for a Home Affordable Modification before evaluating them for other options.  If you request a modification from your mortgage servicer, and are determined to be eligible, you will enter into a trial period plan.

If it is determined that you are not eligible for a Home Affordable Modification, your mortgage servicer will evaluate you for other alternatives they offer to keep you in your home, such as their own modification programs or a forbearance.

A HUD-approved housing counselor can work with you for free to help you understand your options.

Avoid Foreclosure: Know Your Options
Watch a video to learn more about the Making Home Affordable Program and other options your mortgage servicer may provide.



Please Contact Me About A Short Sale

© 2017 Central Texas Multiple Listing Service. All rights reserved. Information deemed to be reliable but not guaranteed. The data relating to real estate for sale on this website comes from Central Texas Multiple Listing Service and the Broker Reciprocity Program.sm. Real estate listings held by brokerage firms other than Realty Executives of Killeen are marked with the BR logo and detailed information about them includes the name of the listing brokers. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Information last updated on 2017-08-17.

Copyright © 2017 Austin Board of Realtors ®. All rights reserved. The information at this site is provided solely for informational purposes and does not constitute an offer to sell, rent, or advertise real estate outside the state in which the owner of the site is licensed. The owner is not making any warranties or representation concerning any of these properties including their availability. Information at this site is deemed reliable but not guaranteed and should be independently verified. The information being provided is for consumers\' personal, non-commercial use and may not be used for any purpose other than to identify perspective properties consumers may be interested in purchasing. This site will be monitored for \'scraping\' and any use of search facilities of data on the site other than by potential buyers/sellers is prohibited. Information last updated on 2017-08-17.

Raye Mayhorn, CEO/Broker
Corporate Headquarters
2710 So. Fort Hood St.
Killeen, TX 76542
Phone: 254-519-2080
Fax: 254-616-5790
Email: rexecutives@hot.rr.com

 

 

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Realty Executives of Killeen 
2710 So. Fort Hood St | Killeen, TX 76542
Office: (254) 519-2080
Copyright 2015 © Raye Mayhorn, All Rights Reserved