If
your mortgage payment is unaffordable and you are interested in
transitioning to more affordable housing, you may be eligible for a
short sale or deed-in-lieu of foreclosure through HAFA SM.
The benefit of a HAFA short sale is that you are no longer responsible
for the difference between what you owe on your mortgage and the amount
that your home sells for. You will also receive $3,000 in relocation
assistance upon successful closing of your short sale or deed-in-lieu of foreclosure.
You may be eligible to apply if you meet all of the following:
Eligibility*
You may be eligible to apply if you meet all of the following:- You live in the home or have lived there in the last 12 months.
- You have a documented financial hardship.
- You have not purchased a new house within the last 12 months.
- Your first mortgage is less than $729,750.
- You obtained your mortgage on or before January 1, 2009.
- You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.
Program Availability
HAFA SM is available for mortgages that are owned or guaranteed by Fannie Mae and Freddie Mac or serviced by over 100 HAMP SM participating servicers. A list of HAMP participating servicers can be found here .For More Information
If you have additional questions about getting mortgage help, contact one of our housing advisors at (888) 995-HOPE (4673). These HUD-approved housing counselors will help you understand your options, design a plan to suit your individual situation, and prepare your application. Research shows that homeowners who work with housing counselors like these are more successful and have better long-term outcomes. There is no cost to you for this valuable, around-the-clock service. Help is available in more than 160 languages.Download a Brochure
Home Affordable Foreclosure Alternatives SM Brochure.pdfAvoid Foreclosure: Know Your Options
Watch a video to learn more about the Making Home Affordable © Program and other options your mortgage servicer may provide.
Your Graceful Exit
Watch a video to learn more about the Home Affordable Foreclosure Alternatives Program.
Program Dates
Effective April 5, 2010 – Dec. 31, 2012.
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Fred Jaeger is a Principal Oregon Real Estate Broker licensed in the State of Oregon. He is affiliated with High Lakes Realty & Property Management in La Pine, OR and can be reached at 541 598 5449 or fred@fredjaeger.com .
