Maine HAFA Short Sale Program changes made to help more qualify

Good news for Maine Short Sale sellers as the HAFA program has widened the qualifying process for sellers.

The Obama Administration has announced updates to its HAFA Program. The updated program now allows for more struggling homeowners to be eligible. It will also provide additional guidance for loan servicers.

HAFA allows you to transition from a home you can no longer afford. One option under HAFA is being able to do a short sale on your home without having to pay the deficiency balance after you sell it. The HAFA program offers $3000 in relocation assistance.

In March 2012 the following updates were made to the HAFA Program effective June 2012:

The deadline for HAFA has been extended. A borrower now has until December 31, 2013 to submit a Short Sale Agreement or a written request for a consideration for a Short Sale Agreement to be eligible for HAFA.
There are no longer any occupancy requirements for HAFA eligibility. (Before the update the property had to be occupied as the borrower’s primary residence at some point within the prior 12 months).
2nd liens can now get up to $8,500. (It was $6,000).
Servicers can now accept a full payment, if the borrower requests to make a full contractual payment in order to stay current on the loan.
One of the Most Dramatic changes the Credit Bureau reporting will be Account Status Code 13 (paid or closed account/zero balance) or Status Code 65 (account paid in full/a foreclosure was started),as applicable.
See more details on the Updates to HAFA and other Making Home Affordable Programs.

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