The HAFA (government foreclosure avoidance program) is set to launch on April 5th 2010. There are a lot of questions about the progam and the fact that the guidelines for the program is 34 pages long doesn't help..
I decided it would be helpful for those that want to find out if they qualify to have bullet points for some of the guidelines. I think it may make it a little easier to understand. You may want to know if you or someone you know, can qualify to participate in the program! Here is the list of must have qualifications to be able to participate in the HAFA program
Mortgage must not be owned or guaranteed by Fannie Mae or Freddie Mac
Mortgage balance must be less than $729,750
Mortgage is delinquent or in default
Mortgage must have originated before Jan 01, 2009
seller must have one or more of the following
Hardship
Does not successfully complete HAMP (mortgage modification program)
Is delinquent on the HAMP mortgage modification by missing 2 consecutive payments
Does not successfully complete HAMP trial period
Requests a short sale.
Property must be Sellers Primary Residence
Must not be vacant or rented
Seller to receive $1500 relocation check
This is really the simple version.. If you need more details, I know the program inside and out... Let me know if I can help you or someone you know.....Cy Monaco