In prior posts we have discussed some ways the government is providing opportunities to help borrowers who are struggling with their mortgage payment to try and keep their house. We discussed the HAMP program, which is a government loan modification program that helps qualified consumers make adjustments to their mortgage payments in hopes to be able to keep their house. The government recognizes that not all of these people will still be able to keep their house, so they have provided a program to help those that do need to give up their home, to do it with some extra money.
The Home Affordable Foreclosure Alternatives (HAFA) program is a government program that helps borrowers who have tried the HAMP program and have failed to be able to get rid of their house, with the possibility of receiving up to $3000 cash. For borrowers who have qualified for the HAMP program and still fail to make payments, HAFA can help you with a short sale or Died-in-Lieu foreclosure while at the same time sending you off with up to $3000 cash for “moving expenses.” If you have exhausted all possible ways to modify your loan and are still unable to afford your home, this may be a great option for you. Learn more about HAFA here.
