In April 2010 the US Treasury Department implemented the HAFA (Home Affordable Foreclosure Alternative Program) and HAMP (Home Affordable Modification Program).
If homeowner is having problems making mortgage payments they need to contact their lending institution to discuss options.
One of the first questions the homeowner needs to ask the lender is if they have signed up for HAFA.
If the lender has signed up for HAFA then they have agreed to abide to federal guidelines in relation to a short sale.
Before the homeowner works under the HAFA program they need to have been considered for the HAMP program. The HAMP program is a loan modification program.
Confusing? It is not a complicated process but a process that takes time, research, and perseverance.
Bottom line: If you find yourself in a tough situation with your mortgage contact your lender.
Barb and Randy make up The Wells Team of The Norton Agency. We have been involved in 15 foreclosure/short sale transactions. We have undergone training in this real estate field and have the support of The Norton Agency.
Give us a call! We are here to help!
www.randywellsteam.com
No comments:
Post a Comment