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Home Affordable Foreclosure Alternatives

HOME AFFORDABLE FORECLOSURE ACTIVITIES

The Home Affordable Foreclosure Alternatives (“HAFA”) program provides homeowners with an alternative to resolve their mortgage debt and avoid foreclosure. If you are unable to qualify for a loan workout, you will have the ability to sell your home through a short sale if the amount you owe on your mortgage is more than the value of your home. Through the short sale you will be able to resolve your debt. Please see below for eligibility requirements.

You may be eligible to apply if you meet all of the following:

*These eligibility criteria are for guidance only. Please call us at 888-395-3997 to determine if you qualify for HAFA.

To apply for a preapproved Short Sale Agreement (“SSA”), please provide the following documents:

To submit and existing offer using an Alternative Request for Approval of Short Sale (“Alternative RASS”) please provide the following documents:

To establish property value, a valuation of your home will be obtained to determine the current market value with one of the following services:

Deed in Lieu – The HAFA program offers you the option to transfer the title or ownership of the property to the investor in order to satisfy your mortgage and avoid foreclosure. This process is referred to as a deed-in-lieu of foreclosure. You can explore this option if you are deemed not eligible for the HAFA Short Sale Program.

What can you expect with the HAFA program?

 

LOSS MITIGATION AND EXPLORING ALTERNATIVES TO FORECLOSURE

 

During the course of home ownership, increased expenses or changes in your family income may make it difficult to pay your bills including your monthly mortgage payments. You should always keep your mortgage payments current if possible. But if you cannot continue to make your monthly mortgage payments for reasons beyond your control, please contact us to discuss various alternatives to foreclosure depending on your specific circumstances.

If your payment difficulties are temporary, you may qualify for one of the following options:

If your payment problem is long-term or it is not likely that you will be able to bring your loan current at any time, other options may be appropriate including the following:

Please call our Loss Mitigation Department toll-free at 888-395-3997. A member of our staff will conduct an interview to determine your circumstances and explore options that may be available to you. Please do not delay – the sooner that you call, the more likely we can find an alternative for you.

In order to begin the review process, please have the following information available and ready when you call:

The U.S. Department of Housing and Urban Development (“HUD”) sponsors housing counseling agencies throughout the country that provide advice and guidance regarding mortgage loan defaults, foreclosures, credit issues and foreclosure alternatives. You can find a HUD counselor in your area by visiting the HUD Website or by calling HUD toll-free at 800-569-4287.

NOTE: THIS IS AN ATTEMPT TO COLLECT A DEBT AND ANY INFORMATION OBTAINED DURING A CALL WILL BE USED FOR THAT PURPOSE. IF YOU ARE CURRENTLY PROTECTED BY THE FILING OF A PETITION IN BANKRUPTCY OR HAVE BEEN DISCHARGED IN BANKRUPTCY, THIS SUMMARY IS FOR INFORMATION PURPOSES ONLY AND SHOULD NOT BE CONSIDERED AS AN ATTEMPT TO COLLECT THE DEBT.

 

For general information regarding the HAFA program, please call us at 888-395-3997.

Disclaimer: Not all loans will be eligible for program consideration. Program outline is subject to change. Please continue to contact us as other options may be available.