HAFA and HAMP, Federal Guidelines to Help Homebuyers in Trouble

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

Upgraded home in a golf course/Lake Lanier Community

http://homesite.obeo.com/600965

On the 16th hole of the Chestatee Golf Course

http://homesite.obeo.com/394798

Custom Built Home in Golf Course/Lake Lanier Community

http://homesite.obeo.com/382813

The Best Boat Slip in the Chestatee/Lake Lanier Community Marina

http://homesite.obeo.com/595646

What are you Looking at in your Next Home?

You are looking at houses. Over the weeks you have seen many of them and they start to look the same.

How do you remmember the difference? Stainless Steel appliances, Crown Molding in the Dining Room, nice furniture, or maybe a built in television.

If that is how you remember one house vs another you need to look at the houses in a different way.

What is the square footage of the home?

Does the floor plan work?

Is the driveway/lot acceptable?

How is the location?

How is the price compared to others in the neighborhood?

Is it propane, all electric, all gas or a combination?

What will HAVE to be done on the home ie, new air conditioner, new roof, new furnace, etc.

We have seen too many people get zoned into the superficial part of the home. We all like the latest upgardes when we find a home. Unfortunately this is not the case with a resale home.

Bottom line: Be realistic!

If we can help you find a home in the North Atlanta area please let us know.

We are The Wells Team of The Norton Agency. www.randywellsteam.com

What do you know About Short Sales?

You have seen the term on the television, internet, and in the newspaper. You read it but do you really understand what it means? Are you familiar with the acronyms FHMLC, HAMP, SAFE, and HAFA (just to name a few)?

This year we have seen a lot of regulatory changes in terms of the Short Sale. The Short Sale is an option for the homeowner prior to going into foreclosure.

The Norton Agency prides itself on the education of its agents.

Barb and Randy, of The Wells Team, have recently completed a class on Short Sales and Foreclosure properties. The class introduced some new laws that builds on our experience in this field.

The Wells Team has been involved in 15 Foreclousre/Short Sale Transactions.

If you find yourself in a situation where a short sale or foreclosure is being considered give us a call.

We are The Wells Team of The Norton Agency. With over $3 million in total sales in 2010 we continue to be successful in this crazy market.

Please see our website at www.randywellsteam.com