HAFA Sister program HAMP gets extended through 2013 – 619.200.3633. Consumers who are eligible for a HAMP loan modification now have through 2013 to apply. Yesterday the Treasury Department made the announcement that it would be extending the Home Affordable Modification Program (HAMP) the sister program to HAFA an additional year through December 31, 2013.
The Treasury also announced that it will be paying higher financial incentives to Fannie Mae and Freddie Mac to forgive principals, and ease the program guidelines so that homes occupied by renters are also now eligible for the program. It is widely anticipated that since HAFA is part of HAMP that a similar extension will be announced to the program.
What does this mean to a homeowner who needs to short sale their home?
More home owners who are struggling to pay their mortgage will now have more time to take advantage of HAMP. Exactly how many more homeowners these changes will impact is considered small in relation to the overall problem. Howwever, a wider number of homeowners than before will meet the criteria guidelines.
What is a Short Sale?
A short sale is a real estate transaction in which the proceeds from the sale do not cover the balance owed on the loan of the property.
What to do if you’re thinking of doing a Short Sale – Contact a local real estate agent that specializes in short sales.
Lorraine Santirosa is a San Diego Realtor that specializes in Short sales. 619-200-3633.
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