Credit-Yogi

How to Halt Foreclosure with the Use of HAFA

 

Phoenix, AZ -- (ReleaseWire) -- 05/01/2014 -- Foreclosure is a devastating process that forces families out of their homes. This is frightening and frustrating for these folks, as it isn’t always easy to move to a different home. HAFA (Home Affordable Foreclosure Alternatives) has ways to help these families, including clarifying the HAFA short sale guidelines to make them easily understandable. Credit-yogi.com is familiar with HAFA and would like to share its knowledge, such as:

-Defining What HAFA Is
-Ways to Stop Foreclosurea
-Get a Financial Analysis
-Know Every Option

What is HAFA?

HAFA is made for people who aren’t able to utilize HAMP or HARP to avoid foreclosure. HAFA has two options to help these folks, a short sale and a deed-in-lieu of foreclosure. The HAFA short sale guidelines are very similar to those of HAMP, so lenders enrolled in the HAMP program are also available to those utilizing HAFA . Some of the requirements for HAFA’s help include not having a condemned piece of property, having obtained the mortgage prior to Jan. 1, 2009, and being able to show proof of a financial hardship.

Other Methods to Halt Foreclosure

As mentioned above, HAMP & HAMP can also prevent foreclosure. HAMP is one of the most popular affordable foreclosure alternatives because it’s easy to obtain. HARP refinances a mortgage, rather than making changes to it, as HAMP does. Both of these programs make paying the mortgage payment much easier on homeowners, as long as they meet the requirements for them. A few such prerequisites include having a debt-to-loan ratio not exceeding 31%, proving that the property is not condemned, and that it is one’s primary residence.

Understand One’s Financial Position

Before beginning to seek government help to stop a foreclosure process, be sure to obtain a professional financial analysis. This is a very important detail that most people looking into a HAFA approved short sale. It is imperative that one knows where he stands prior to meeting with lenders. Contact a professional financial auditing business such as Credit-yogi.com to receive a free, 40-page fiscal outline of one’s financial situation; it will help as one searches for foreclosure prevention help.

Consider Every Option

Before signing paperwork for a HAFA-approved short sale, be certain that no other foreclosure avoidance plan would work for one’s situation. HAMP (Home Affordable Modification Program) can help stop a foreclosure by making changes to a mortgage that result in a lower monthly payment. An example of such a change is a reduction in the interest rate on the mortgage. HARP (Home Affordable Refinance Program) can also stop foreclosure by paying off the original mortgage and drawing up a new one that has better terms. Check into eligibility requirements for these options before applying for HAFA by going online to the government’s website.

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