If you are considering a Coatesville short sale on your home, you may already be familiar with the HAFA program. If not, it is the Homes Affordable Foreclosure Alternatives Program that began in 2010. It is funded by the federal government and its main purpose is to help lenders and homeowners by helping to manage the short sale process. The HAFA program is a good alternative for any homeowner who is not able to keep their property with the Homes Affordable Modification Program or HAMP. The HAFA program was also created to help homeowners take care of their debt but not have to go through the foreclosure process. There are certain requirements to the HAFA and Coatesville short sale process. First, you have to owe the lender more than your home is currently worth. Your loan has to be older than January 1, 2009 and it can only be a first lien mortgage. Another requirement to continue with a Coatesville short sale is you must be going through a financial hardship that causes you to no longer be able to afford the monthly payments. Most lenders require you to be behind on your mortgage payments as well. Usually on a HAFA Coatesville short sale, the lender will give up the right to pursue a deficiency judgment. This means that the lender cannot come after you for the difference on the amount owed and the sale price of your home.

When you decide on a HAFA Coatesville short sale on your home, it’s good to know the borrower typically gets up to $3,000 in relocation assistance. Another good thing to know when deciding on a Coatesville short sale is that HAFA has less of a negative impact on your credit score than a conventional short sale or foreclosure. So, if you have any questions about the HAFA Coatesville short sale process, we are here to help. Please contact us today so we can help answer your questions.