"Homeownership builds wealth, lifts the human spirit, provides shelter, fortifies families and strengthens communities."
Prudential Foothills Real Estate
7231 E. Speedway
Tucson, AZ 85710
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Prudential Foothills Real Estate
Tucson, AZ 85710
HAFA (Home Affordable Foreclosure Alternative) is a program designed to assist sellers who are unable to modify their mortgage under the HAMP (Home Affordable Modification Program) to complete a short sales in order to reduce the damage to their credit an assist with moving expenses.
The Home Affordable Foreclosure Alternatives Program
Trying to reduce the rising number of foreclosures in the U.S., the Treasury Department introduced a new federal program that makes it easier to process a short sale for people unable to keep their homes.
Home Affordable Foreclosure Alternatives (HAFA) streamlines the process for doing a short sale or deed-in-lieu of foreclosure for distressed homeowners who do not qualify for a federal home loan modification through the Home Affordable Modification Program (HAMP) or have missed consecutive payments after a modification.
The HAFA program started April 5, 2010, and ends December 31, 2012. Federal rules require servicers participating in HAMP to implement HAFA. The new program also requires borrowers to be released fully from future liabilities related to their first mortgage, including cash contributions, promissory notes and deficiency judgments.
Participation in HAFA cannot save homeowners from losing their property, but it can eliminate the effects of a foreclosure on their credit. Financial incentives for program participation include a $1,000 servicing bonus for lenders and a $1,500 relocation bonus for displaced homeowners. Lenders of other subordinate liens (e.g., HELOCs) may be allowed to keep a limited portion of the proceeds (up to $3,000 each) of a short sale, with the first-lien lender’s approval.
HAFA is designed for homeowners who have applied to HAMP for assistance but have had no success with their loan modification program. To participate in HAFA, homeowners must still meet HAMP’s eligibility criteria: home is principal residence; first-lien mortgage is in delinquency or default is reasonably foreseeable; loan closed before January 1, 2009; unpaid balance is under $729,750; and the mortgage payment is over 31% of gross income.
For more information on HAFA, go to the following link:
hmpadmin.com/portal/programs/foreclosure_alternatives.html
457 E. Downtown Street
Directions: W-BROADWAY/EUCLID, R-TOOLE (STAY RIGHT AS YOU GO UNDER OVERPASS), R-12TH, L-3RD, L-OTT (PAST HISTORIC), PARK ON SIDE (BEFORE DOWNTOWN), THIRD HOUSE
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Directions to Prudential Foothills Real Estate:
From Speedway and Kolb, head east; turn left at first island into the Lowe’s parking lot. The Prudential Foothills Real Estate office is immediately to your left, 7321 E. Speedway, Tucson, AZ 85710, (520)577-8333.
For more information, call (520) 429-1111 or visit: www.MichelleDeLeon.com
Yesterday we stopped in at the Bamboo Club at Park Mall. The appetizer plate was delish and the service was great. We were there at around 3:30 pm so it was not crowded, and the AC was cranking.
http://maps.google.com/maps?oe=utf-8&client=firefox-a&ie=UTF8&q=Bamboo+club+tucson&fb=1&gl=us&hq=Bamboo+club&hnear=Tucson,+AZ&hl=en&view=map&cid=15671411967873987227&iwloc=A&ved=0CFIQpQY&sa=X&ei=J2ARTJvvC4vENdjBqPgC
Currently their is down payment assistance to purchase a home for first time buyers. First time buyers are those who have not owned a home in the past 3 years.
Learn more by visiting Pima CountyFHR
