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HAFA Program Seeks to Prevent Foreclosure

April 6, 2010 - San Diego, Calif. - The federal government has launched yet another program designed to prevent home foreclosures.

PRWeb reports Home Affordable Foreclosure Alternatives (HAFA) promotes short sales in lieu of home foreclosures, which may spare struggling homeowners from incurring the black mark on their credit report that is left by a foreclosure.

HAFA purportedly will offer lenders an incentive of $1,000 per short sale, and homeowners would get $1,500 for relocation purposes. Like any other foreclosure prevention program, there are some guidelines that every homeowner must meet.

The underwater property must be the primary residence, not an investment home. Additionally, the mortgage must have been initiated before 2009, the monthly payment must be at or greater than 31% of the homeowner's income, and the principal amount that is unpaid on it must not exceed $729,750. The home also has to either already be in default, or likely to be in default, such as when the homeowner is unemployed with no foreseeable income.

The program ends at the close of 2012, and any homeowner wishing to take advantage of it should find a realtor who has experience in short sales.

If your lender promised to work with you through one of the government sponsored foreclosure prevention programs, but then reneged on the deal and proceeded to file a wrongful foreclosure, you may need the help of an attorney. The Massachusetts wrongful foreclosure attorneys at Phillips & Garcia will fight for your rights in your foreclosure case. We are committed to protecting your best interests and your family's home and helping you collect the damages you need and deserve to move on with your life. Contact Phillips & Garcia today to schedule your FREE legal consultation - (877) 892-5620.

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Legal Help for Wrongful Foreclosure and Seizure in Any State.  Phillips & Garcia, P.C., a leading law firm in wrongful foreclosure and seizure cases, is now taking cases in any state where there has been a wrongful foreclosure, lock-out and trash-out of a borrower's home.  We are licensed in Massachusetts and associate with a qualified attorney in your state. 

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