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HAFA What is it Does it helpreally

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HAFA What is it Does it helpreally Powered By Docstoc
					       HAFA

    What is it?
Does it help…really?
• Home Affordable Foreclosure Alternatives
  (HAFA) Program (aka Exit Gracefully)
• If your mortgage payment is unaffordable and you are
  interested in transitioning to more affordable housing, you
  may be eligible for a short sale or deed-in-lieu of foreclosure
  through HAFA. The benefit of a HAFA short sale is that you are
  no longer responsible for the difference between what you
  owe on your mortgage and the amount that your home sells
  for. You will also receive $3,000 in relocation assistance upon
  successful closing of your short sale or deed-in-lieu of
  foreclosure.
• Eligibility*
• You may be eligible to apply if you meet all of the following:
   •   You live in the home or have lived there in the last 12 months.
   •   You have a documented financial hardship.
   •   You have not purchased a new house within the last 12 months.
   •   Your first mortgage is less than $729,750.
   •   You obtained your mortgage on or before January 1, 2009.
   •   You must not have been convicted within the last 10 years of
       felony larceny, theft, fraud or forgery, money laundering or tax
       evasion, in connection with a mortgage or real estate
       transaction.
• *Eligibility criteria are for guidance only. Contact your
  mortgage servicer to see if you qualify for HAFA.
• Program Availability
• HAFA is available for mortgages that are owned
  or guaranteed by Fannie Mae and Freddie Mac or
  serviced by over 100 HAMP participating
  servicers
• The Home Affordable Modification Program
  (HAMP) includes the Unemployment
  Program, Principal Reduction Alternative and
  theHome Affordable Foreclosure Alternatives
  Program
• Explore Eligibility
• Start here to get help!
• Please answer the following questions to
  determine your next steps so that you can start
  making the most of Making Home Affordable
  programs.​​
• Is your home your primary residence?
• Yes No Don't Know
• Is the amount you owe on your first mortgage
  equal to or less than $729,750?
• Yes No Don't Know
• Are you having trouble paying your mortgage?
  For example, have you had a significant increase in your mortgage
  payment OR reduction in your income since you got your current loan OR
  have you suffered a hardship that has increased your expenses (like
  medical bills)?
• Yes No Don't Know
• Did you get your current mortgage before January 1, 2009?
• Yes No Don't Know
• Is your payment on your first mortgage (including principal, interest, taxes,
  insurance and homeowner's association dues, if applicable) more than 31%
  of your current gross income?
  If you are uncertain about your monthly mortgage payment and gross
  income, click here.
• Yes No Don't Know
•   Are you the owner of a one- to four-unit home?
•   Yes No Don't Know
•   Do you have a loan owned or guaranteed by Fannie Mae or Freddie Mac?
    If you are uncertain who owns or guarantees your loan, click here.
•   Yes No Don't Know
•   Are you current on your mortgage payments? “Current” means that you haven’t
    been more than 30-days late on your mortgage payment in the last 12 months.
•   Yes No Don't Know
•   Are you struggling to make your monthly mortgage payments because you have a
    second lien?
•   Yes No Don't Know
•   Do you live in Arizona, California, Florida, Michigan, Nevada, North Carolina, Ohio,
    Oregon, Rhode Island, South Carolina, Alabama, Georgia, Illinios, Indiana,
    Kentucky, Mississippi, New Jersey, Tennessee, or Washington, DC?
•   Yes No Don't Know
•   Eligibility Next Steps

    YES, you may be eligible for the following programs:

    Home Affordable Modification Program - Your answers indicate that you may be eligible for the Home
    Affordable Modification Program, learn more about the Home Affordable Modification Program.


•   Second Lien Program - If you carry a second mortgage and your first mortgage is eligible for, or has already
    received a HAMP modification, learn more about the Second Lien Modification Program.


•   Hardest Hit Fund -Programs established by the Hardest Hit Fund vary by state, learn more about Hardest
    Hit Fund programs in your state here.


•   Home Affordable Foreclosure Alternatives - If you are struggling to make your mortgage payments and
    looking for a way out, consider Home Affordable Foreclosure Alternatives.

    If you have additional questions about getting mortgage help, contact one of our expert advisors at
    (888)995-HOPE(4673). These HUD-approved housing counselors will help you understand your options,
    design a plan to suit your individual situation, and prepare your application. Research shows that
    homeowners who work with housing counselors like these are more successful and have better long-term
    outcomes. There is no cost to you for this valuable, around-the-clock service. And they speak more than
    160 languages.
• We're sorry, you are not eligible for the programs
  below, but find out more about the next steps and
  other options.
•
  Home Affordable Refinancing Program - learn more
  about the Home Affordable Refinancing Program.

• Emergency Homeowners Loan Program (EHLP) -
   Programs established by the Emergency Homeowners
  Loan Program will vary by state, visit the HUD
  Emergency Homeowners' Loan Program page to learn
  more.
• Link of Mortgage Servicers participating in HAFA.
• If your mortgage servicer is not on this list your client
  will not be eligible for HAFA
• http://www.makinghomeaffordable.gov/get-
  assistance/contact-mortgage/Pages/default.aspx
• Loan also HAS TO BE A FANNIE MAE OR FREDDIE
  MAC LOAN.
• www.fanniemae.com/loanlookup
• 1-800-7FANNIE (8am to 8pm EST)
• www.freddiemac.com/mymortgage
• 1-800-FREDDIE (8am to 8pm EST)
•   Find a Counselor
•   ​Why work with a counselor?
     A HUD-approved housing counselor will talk to you about your situation and help you decide what
    mortgage options are best for you. A counselor will explain what documents you will need to provide to
    your mortgage company and may be able to contact the mortgage company on your behalf.
    If you work with a housing counselor, the odds are 1.7 times larger that you will avoid foreclosure.
    A housing counselor can also help you make a budget so that you can meet your monthly mortgage
    payment and other expenses. The counselor will have information about local resources that may be
    helpful to you.
    There is no charge to work with a HUD-approved counseling agency.
    Where can I get help?
    HUD sponsors housing counseling agencies throughout the country that can provide advice on buying a
    home, renting, defaults, foreclosures, credit issues, and reverse mortgages.
    Find a HUD-approved housing counselor
    You can also call 1-888-995-HOPE (4673) to speak to an expert advisor immediately, 24 hours a day, 7 days
    a week, 365 days a year, in over 170 languages. They answer 98% of their calls within 30 seconds. This
    valuable, around-the-clock service is available completely free.
•   Before you call
    Use the checklist below to make sure that you have all of the information you need to work
    with a HUD-approved housing counselor. These documents are helpful to make sure that you
    have all of the information you need to correctly fill out your paperwork and make a budget.
    Checklist
•   Information about your first mortgage, such as your monthly mortgage statement.
•   Information about any second mortgage or home equity line of credit on the house.
•   Account balances and minimum monthly payments due on all of your credit cards.
•   Account balances and monthly payments on all your other debts such as student loans and
    car loans.
•   Your most recent income tax return.
•   Information about your savings and other assets
•   Information about the monthly gross (before tax) income of your household, including recent
    pay stubs if you receive them or documentation of income you receive from other sources.
•   It may also be helpful to have: A letter describing any circumstances that caused your income
    to be reduced or expenses to be increased (job loss, divorce, illness, etc.) if applicable.
• Link for Website:
• http://www.makinghomeaffordable.gov/progr
  ams/exit-gracefully/Pages/hafa.aspx
• Beware of Scams
•   Foreclosure rescue and mortgage modification scams are everywhere. Protect yourself so
    you don't lose money - or your home.
•   Tips to Avoid Scams
•   Beware of anyone who asks you to pay a fee in exchange for a counseling service or
    modification of a delinquent loan.
•   Scam artists often target homeowners who are struggling to meet their mortgage
    commitment or anxious to sell their homes. Recognize and avoid common scams.
•   Beware of people who pressure you to sign papers immediately, or who try to convince you
    that they can “save” your home if you sign or transfer over the deed to your house.
•   Do not sign over the deed to your property to any organization or individual unless you are
    working directly with your mortgage company to forgive your debt.
•   Never make a mortgage payment to anyone other than your mortgage company without
    their approval.
•   What to Do if You Have Been the Victim of a Scam
•   If you believe you have been the victim of a scam, you should file a complaint with the
    Federal Trade Commission (FTC). Visit the FTC’s online Complaint Assistant or call 1-877-FTC-
    HELP (1-877-382-4357) for assistance in English or Spanish.
    More Tips to Avoid Scams
•   Federal Trade Commission -- Watch the Foreclosure Rescue Scams Video on the FTC ’s
    YouTube Channel.
•   Office of the Comptroller of the Currency -- The U.S. Department of the Treasury’s Office of
    the Comptroller of the Currency provides tips and materials to help homeowners avoid
    mortgage modification and foreclosure rescue scams. Find them here.
•   The Loan Modification Scam Prevention Network -- The Loan Modification Scam Prevention
    Network is a national coalition of governmental and private organizations created by Fannie
    Mae, Freddie Mac, NeighborWorks America™ and the Lawyers' Committee for Civil Rights
    Under Law to provide resources to educate homeowners about the dangers of loan
    modification scams and support federal, state and local efforts to combat these scams. If you
    believe you have been the victim of a scam, you can report the scam through the
    campaign’s online complaint form.
•   The Obama Administration has launched a coordinated effort across Federal and state
    government and the private sector to target mortgage loan modification fraud and
    foreclosure rescue scams that threaten to hurt American homeowners and prevent them
    from getting the help they need during these challenging times. Click here for more
    information
•   Financial Fraud Enforcement Task Force -- The Financial Fraud Enforcement Task Force
    maintains a wide list of resources and information dedicated to helping find and report
    suspected cases of financial fraud. Visit www.StopFraud.gov.

				
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