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Looking for a place to call home

This ad is for the Chevy Cruze ECO, but it makes a very “valid” point…

 

Watch You Tube video:  Chevy Cruze ECO ad

 

Many times, it is the “first” house you saw…the one you thought had something you didn’t like – that you end up going right back and fall in love with.  This video (although for the car itself) is actually a great ad for Real Estate!  When you make the list of all the Wants / Needs / and Like To Haves, make sure you allow a little room for your own personal touches to turn the house into your “home!.”  I am glad to help assist you in your search 🙂

HAFA

If you are in need of additional information regarding owing more on your mortgage than what the tax value is / short sales / foreclosures, please feel free to contact Tammy…

Home Affordable Foreclosure Alternatives Program (HAFA)

In 2009, the Treasury Department introduced the HAFA program to provide a viable option for homeowners who are unable to keep their homes through the existing Home Affordable Modification Program (HAMP). The HAFA program took effect on April 5, 2010 and sunsets on December 31, 2012.

HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification under the HAMP program. Servicers participating in HAMP are also required to comply with HAFA.

HAFA Provisions

  • Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.
  • Uses borrower financial and hardship information already collected in connection with consideration of a loan modification.
  • Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).
  • Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).
  • Uses standard processes, documents, and timeframes/deadlines.
  • Provides the following financial incentives:
    • $3,000 for borrower relocation assistance;
    • $1,500 for servicers to cover administrative and processing costs;
    • Up to $2,000 for investors who allow a total of up to $6,000 in short sale proceeds to be distributed to subordinate lien holders, on a one-for-three matching basis.

Information provided in NAR update report / newsletter November 23, 2011.