HAFA is the Home Affordable Foreclosure Alternative program created for homeowners who can not afford to keep their home.
President Barrack Obama helped establish the program through his Making Homes Affordable Plan and it is for the homeowners who are not capable of making a payment even if those payments are reduced through the Home Affordable Modification Program.
Obama Foreclosure Alternatives
In that case the homeowner is offered other mortgage solutions that do not let the homeowner keep the home but allow them to walk away with no mortgage debt. This is done with a short sale or perhaps a deed in lieu.
Obama Cash for Keys Program
Along with the foreclosure alternative the homeowner is able to receive a few thousand dollars of foreclosure relocation assistance through the Obama cash for keys program. Typically the cash for keys program available through HAFA allows homeowners to obtain 3,000 dollars of financial aid.
2010 was kinda a bizarre year for the mortgage market. In the first half of the year, you had a decent number of home sales keeping mortgages for purchases stable, thanks to the home buyer credit. In the second half of the year, that changed as demand crumbled when the credit was withdrawn. At the same time, you had very low mortgage interest rates throughout much of the year cause a mini-refinancing boom. 2011 will look very different, as the housing demand continues to struggle and mortgage interest rates have begun rising.
ReplyDeleteWell the interest rates are still pretty dag on low.
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