HAFA program stops foreclosure and gets the seller $3000!

Portland, Maine, United States of America (Free-Press-Release.com) August 23, 2010 –
(August 23, 2010)

PORTLAND, ME – Homeowners who owe more on their mortgage than their house is currently worth and who are facing an economic hardship, such as unemployment or underemployment, can now qualify for as much as $3000 for relocation assistance. The Home Affordable Foreclosure Alternative program (HAFA) has been rolled out to encourage homeowners facing default on their home loans a more attractive alternative to foreclosure.

“The government has recognized the failure of the loan modification programs and are now giving a new incentive to homeowners for not simply walking away from their homes.” said Marty Macisso, a short sale specialist at Regency Realty Group in South Portland, ME “They can now qualify for this program and get a little help for moving expenses…its a small consolation, but better than foreclosure or being aslave to your mortgage.”
The HAFA program is a voluntary one, but all mortgage servicers are encouraged to participate, government mortgage companies Fannie Mae and Freddie Mac are currently developing their own versions.

“This is another voluntary program, so it remains to be seen if it will be affective, but homeowners can always ask for money to relocate regardless of their mortgage companies participation.” said Macisso “Its all about how a real estate agent negotiates with the lien holder and presents the cost-benefit of the offer given the current market value.”

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