In light of the rising number of property foreclosures in the United States, the government has expanded the Home Affordable Modification Program (HAMP) to include provisions and incentives for servicers to allow short sales or deeds-in-lieu as positive options for eligible homeowners in default who wish to avoid foreclosure. The new program is called Home Affordable Foreclosure Alternatives (HAFA).
What is the Home Affordable Foreclosure Alternatives Program? Here are some of its benefits:
- Borrowers will receive $1,500 in relocation expenses from the US Government.
- Loan Servicers will receive $1,000 from the US Government per transaction that they process.
- 2nd lien holders will receive up to $3,000 of the sale proceeds for releasing their liens.
- 1st lien investors can receive up to $1,000 from the US Government for “signing off” on payments that subordinate lien holders.
- Borrowers must be “fully released” from any and all further liability.
Know what you want. The truth is we can have anything we desire in life. Earl Nightingale said that if man only knew that he could have anything he wanted he would set more goals. What do you want in life? Wealth? Health? Happiness? Any and all can be yours – if you create a compelling enough vision of your future. This vision works like a magnet, moving you forward and keeping you going, even when you hit occasional walls. Walls are part of any business and it’s what you do to get up, over, around, and through them that matters. Really knowing what you want will move you beyond them each and every time. The truth is if we set more goals we would achieve more things in life. If your vision is clear, you will get there. The problem is most of us do not have a clear vision.
