Owning a home is the dream of every American and almost every person in general. However, under the existing market conditions, things aren’t really that easy. Even if you take a mortgage, making the payments might be a tad difficult. If you’ve already taken a mortgage and struggling to make your payments, you can go for mortgage refinance. You can refinance your mortgage loan in order to make the most of lower interest rates. However, if you default on your mortgage payments and are unable to retain your home, you may negotiate with the bank to trade your assets for less than the mortgage amount and stop foreclosure. This is known as short sale. However, this only happens if it makes financial sense to the bank, and is common in situations when the property holder is in default on his payments.
HAFA Orange County Short Sale Program
In the year 2009, the US Treasury Department declared the HAFA Orange County Short Sale program to include a more feasible choice for property owners who are unable to afford their existing mortgage or who aren’t able to retain their homes via the current HAMP or Home Affordable Modification Program. The HAFA Orange County short sale program came into effect on April 5, 2010 and is expected to expire on December 31, 2012. Nevertheless, the US Treasury Department has thought of extending the HAFA Orange County short sale program till December 31, 2013.
HAFA Orange County Short Sale program: How can it be beneficial to you?
If you’re in need of a short sale and become eligible for the HAFA Orange County Short Sale program, it could prove very beneficial for you. It allows the trader to obtain up to $3,000 for incurred moving costs at the conclusion of the short sale. This program offers incentives with regard to an Orange County short sale or an Orange County DIL or deed-in-lieu of foreclosure, used to stop foreclosure on a loan entitled for alteration under the HAMP program. People taking part in the Orange County HAMP program are necessitated to adhere to the rules and conventions of the HAFA Orange County program.
HAFA Orange County: Should you contact them directly?
HAFA Orange County doesn’t function directly with property owners or sellers. You need to have your property listed for trade. Experts at the HAFA Orange County short sale program make sure that all those who qualify, experience the HAFA Orange County Short Sale benefits. This program is devised to simplify the short sale procedure and provides fiscal incentives to both mortgage banks and home proprietors so as to support this kind of resolution against foreclosure.
HAFA Orange County short sale: Who qualifies for the program?
The HAFA Orange County Short Sale program is accessible only for owner held properties. Moreover, the due amount owed to the bank must not exceed $729,750. Lastly, if you have more than one lender, all lenders must agree to take part in the program. The lenders hold the right to refuse involvement in the program on any file. Currently, the HAFA Orange County short sale program is all set to expire on Dec. 2012.
HAFA Orange County Short Sale program: A general idea
· Launched on April 5, 2010
· Earliest Lien Mortgages or Non-GSE Mortgages
· Economic incentives provided to borrowers and investors
· Fixes limits on loaner response time
· Loaner loses ability to follow deficiency judgment
· Restricts demands of subsidiary lenders