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HAMP, HAFA, HASP & HARP: Making Homes Affordable Initiatives

In 2009, the Treasury Department introduced the Home Affordable Foreclosure Alternatives Program (HAFA) to provide a viable option for homeowners who are unable to keep their homes through the existing Home Affordable Modification Program (HAMP). The HAFA program ends December 31, 2012.

HAFA provides incentives in connection with a short sale or a Deed-In-Lieu of Foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification under the HAMP. Servicers participating in HAMP are also required to comply with HAFA. A list of servicers participating in HAMP (including HAFA) is available at: MakingHomeAffordable.com.

October 2011: the Obama administration is proposing that the Home Affordable Refinance Program (HARP) be revised. Some big changes are being suggested as the Federal Housing Finance Agency (FHFA) said it wanted to focus on loans made between 2004-08, when borrowers typically locked into rates above 5 percent. (Currently, 30-year fixed mortgage rates are hovering at just over 4 percent.) It is estimated that 600,000 to 1.6 million borrowers will be eligible to take advantage of the new changes.

Here's a recap of the proposed changes:

  • To qualify for refinancing, a loan must have been sold to Fannie and Freddie before June 2009 and the loan(s) must be currently owned or backed by Fannie Mae or Freddie Mac.
  • There is no limit to the amount a homeowner is 'underwater' to qualify for refinance.
  • Mortgages that were refinanced over the past 2-1/2 years are not eligible.
  • Homeowners must be current on their mortgage.
  • One late payment within six months, or more than one in the past year, would mean disqualification.
  • Banks have the option of waiving an appraisal.
  • Some fees for closing, title insurance and lien processing will be reduced and/or eliminated.
  • Participation by banks is voluntary.

To encourage banks to participate in the revamped program, FHFA moved to protect lenders from having to buy back loans if underwriting problems are later found. "Of all the barriers, this may be the most significant," said Gene Sperling, director of the White House National Economic Council.

Questions: call us at 949-285-1207.

We are working with many families on personal residences, income property, and commercial property - even those outside California. And we also work with companies on strategic workouts: our relationship with a local law firm allows us to work with companies on not only their real estate needs, but also to bring a 'macro' solution to bear on their entire economic picture. Additionally, we work with sellers and buyers in the 'Short Sale and Buy Program' under the Federal Housing Authority (FHA) 4155 loan program. Call us at 949-285-1207 to find out more.

THE ORANGE COUNTY REAL ESTATE MARKET:

Orange County homeowner options: Clark Group: Coldwell Banker: Preventing Foreclosure

As of April 2014, over 11.7% of Orange County homeowners are 'underwater' on their home: their loan balance(s) are greater than the value of their home. The Clark Group works with many homeowners on reviewing their options: with so many Orange County homeowners owing more on their home than it is currently valued at, we find that timely, accurate information is most important so that one can make an informed decision. Unfortuneately, for many, their choices become limited by the banks' lack of progress of a loan modification or principal reduction request - and the banks have begun foreclosure proceedings.
(Click here for a chart showing the California Foreclosure Process.)

There are many options available - over a dozen - but not every option may be right for you. We are very experienced at working with Orange County homeowners in distress. If you have missed, or anticipate missing, mortgage payments, the Clark Group can help. Call us at 949-285-1207: all information will be held in the strictest of confidence.

More Free Orange County Homeowner Solution Workshops Being Planned:

Not able to attend one of our workshops? Call Bruce Clark at 949-285-1207, email us, or sign-up for our mailing list for notification of all upcoming events, to reserve a seat at one of our free homeowner workshops, or to set-up a private consultation. Always seek legal counsel and a tax opinion before attempting to pursue a short sale, or modify a home loan. A real estate agent cannot give you legal or tax advice.

Reasons to Avoid Foreclosure:

  • Many current and prospective employers run credit checks: a foreclosure can put a current position in jeopardy. Also, foreclosure is one of the top items that will put a potential new hire in jeopardy.
  • Security clearances, government positions, military and law enforcement, banking, financial services: many employers reconsider security clearances and jobs positions should one be foreclosed on.
  • You could end up with a much higher tax liability in a foreclosure than could result in a properly negotiated short sale since, in most cases, cancelled debt will be higher.
  • Credit: it will be much tougher - and take much longer - to buy a home with a foreclosure on ones record.
  • You may end up with a Deficiency Judgment (the bank may pursue you for the amount you owe less what they received at auction).

Articles of Note:

Here are articles and websites dealing with short sales, mortgage fraud, loan modification, and deficiency judgment that we found very informative:

Seminar Dates: To Be Announced: Two More Anticipated In Next 30 Days

Experience Makes All The Difference

You are not alone: we are very experienced at working with homeowners that have either missed payments, or are about to. If you are experiencing issues with regard to your mortgage, the Clark Group can help. Call us at 949-285-1207.

Sign-Up For One of The Clark Groups FREE 'Save Your Orange County Home' Seminars:

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