HAFA, HARP, HAMP all acronyms for government programs for distressed home owners. These programs have seen some major changes and there are still a lot of details to be figured out.
Bottom line: a loan modification is doable but is still a lot of work and persistence but the HAMP program gives great guidelines on the likely hood of a decent loan modification in a specific situation. As to HAFA, the short sale alternative for foreclosure: it is not applicable for everyone, some distressed homeowners will not fall in the HAFA guidelines they will have to do a non-HAFA short sale which is not a bad alternative, just more work for your realtor. And HARP, that is a special refinancing program that might work for some.
As to all these programs: it is good to discuss your options with your Realtor -preferably one who has a CDPE certification- and your lender -or the one your Realtor works with. Reason, a better understanding of your specific situation sets realistic expectations and you will be able to make an educated solution.
And yes, yours truly is CDPE certified and happy to help.
Don’t forget to enjoy this beautiful Sunday.
Mirjam