My first thought is that of hope. I sincerely hope the majority of homeowners who currently allow their homes to go to foreclosure without ever exploring their options to avoid foreclosure will educate themselves and take advantage of the many viable alternatives available to them.
It’s easy to just walk away and give up – the path of least resistance, for certain. However, the foreclosure haunt continues for years affecting credit, employment and even security clearances. With the advent of HAFA as an additional alternative, foreclosure can be avoided.
Sometimes the best option is to walk away and allow your home to go into foreclosure, but if you just walk away, you could be throwing away $1000’s of dollars in relocation assistance you could obtain through HAFA. Not to mention, you could protect yourself from a hovering deficiency judgment for the monies lost in the foreclosure by the bank/servicer. It is well worth the time to educate yourself.
One of my passions is to inform the public about their options to avoid foreclosure. I setup my Phoenix real estate “Home Rescue Network” website to do just that. Distressed homeowners who have negative equity or who are behind on their mortgage need to take the time to educate themselves. There is a comprehensive list of options to avoid foreclosure available on the site and a questionnaire to help determine eligibility for the new government programs.
My National network of experienced top-notch brokers and agents across the U.S. are standing by to help homeowners understand their options to avoid foreclosure. The black hole of foreclosure is haunting and can be avoided, especially now. If you’re interested in more information, contact me directly.
I believe HAFA will help simplify and streamline the use of short sales and the deed in lieu of foreclosure (DIL) options with the use of the top features HAFA provides including:
1. Providing financial incentives to borrowers, servicers AND investors
2. Requiring servicers to release borrowers from future liability for the debt (no deficiency judgments)
3. Standardized processes, documents and timeframes will be used to streamline and standardize the short sale process
4. Complementing HAMP by providing workable alternatives to homeowners who are HAMP eligible
5. Eliminating the need for additional analysis on eligibility by utilizing financial and hardship information collected in conjunction with HAMP
6. Pre-approved short payoff terms prior to listing the property will be allowed
Roughly 24% of all properties with a mortgage (over 11,000,000 homeowners) have negative equity positions with their mortgage. I look forward to the seeing the results HAFA will provide to borrowers in avoiding foreclosure and how the goals of HAFA to standardize the process flow, minimize the performance timelines and standardize documentation of short sales will play out
Want to find out more about HAFA and Avoiding Foreclosure?, then visit Joe Martin’s site on Understanding HAFA for your needs.
