For this program,you need to be at least 60 days behind your payments (60 days delinquent, not just 2 missed) and be your primary house.The house needs to be listed for at least 120 days.If an offer is received within this time, you have 3 days to submit it to the bank and they have 10 days to final approve it.
The Home Affordable Foreclosure Alternatives (Hafa) program was developed to homeowners the option of your mortgage debt without foreclosure.The goal of this program is to sell your property to repay in a short sale and short pay off your mortgage if you have more on their mortgage their house is worth and can not qualify for the mortgage assistance program relevant federal program simplifies the process of allowing the sale discovered and offers financial incentives for the reintegration support.
You may be eligible for the Home Affordable Foreclosure Alternatives program if:
you are living in the home as your primary residence
the amount you owe on your first mortgage for your property is equal to or less than:
$729,750 for 1 unit
$934,200 for 2 units
$1,129,250 for 3 units
$1,403,400 for 4 units
you owe more on your home than its worth
your current mortgage was taken out on or before January 1, 2009
your payment on your first mortgage (including principal, interest, taxes, floor and hazard insurance, and homeowners association dues, if applicable) is more than 31% of your current gross income before taxes and deductions
you are experiencing a hardship (such as a job loss, divorce or medical emergency) and are unable to afford your current home loan
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