The list of lenders participating in HAFA (Home Affordable Foreclosure Alternative) is quite extensive. Remember, participation in HAFA by the banks is voluntary. Those lenders participating in HAFA have guidelines they must adhere to, if they are to be compensated under the HAFA program for their participation.
A homeowner who meets the criteria of HAFA may participate in the HAFA program, EVEN, if they have been turned down for a modification under the HAMP (Home Affordable Modification Program) program.
A homeowner who meets the following criteria might want to find out, if their bank is a participating bank. The homeowner must qualify as follows:
1. The borrower must have a genuine hardship or an impending hardship.
2. The residence must be the borrower’s primary residence.
3. The mortgage is delinquent or will be delinquent in the foreseeable future.
4. The unpaid principal balance may not exceed $729,750.
5. The total mortgage payment must exceed 31% of the Gross monthly income of the borrower.
Because the list of lenders participating is so extensive, please send us an e-mail request to Barbara@barbaraandSusi.com or Susi@barbaraandsusi.com and we will send you the list immediately.
