HAFA (Home Affordable Foreclosure Alternatives) Short Sale ProgramMany homeowners may feel that they can no longer afford their home, but want to avoid the negative effects of foreclosure. The Home Affordable Foreclosure Alternatives (HAFA) Program offers homeowners, their mortgage servicers, and investors an incentive for completing a short sale or deed-in-lieu of foreclosure.
Regarding the Mortgage Forgiveness Debt Act
According to the Mortgage Forgiveness Debt Relief Act that has been extended through December 31, 2012; most homeowners would be relieved of any tax implications if this is their primary residence. However, there could be tax implications for the homeowner on the deficiency; please consult your attorney or tax professional.
HAMP Loan Modification Assistance FAQsOn March 26, 2010, the Administration announced several enhancements to the existing Making Home Affordable Program (MHA) and the Federal Housing Administration (FHA) refinance program that will give a greater number of responsible borrowers an opportunity to remain in their homes and reduce costly foreclosures.
MakingHomeAffordable.gov Help for America's HomeownersThe Obama Administration's Making Home Affordable Program includes opportunities to modify or refinance your mortgage to make your monthly payments more affordable. It also includes the Home Affordable Foreclosure Alternatives Program for homeowners who are interested in a short sale or deed-in-lieu of foreclosure.
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