Delivering Mortgage Relief

The Making Home Affordable Program (MHA) ® is a critical part of the Obama Administration's broad strategy to help homeowners avoid foreclosure, stabilize the country's housing market, and improve the nation's economy.

Maybe your expenses have increased due to medical bills or you're picking up the pieces after a separation or divorce. Maybe you're trying to get by with less because your hours were cut or your business stumbled. In any case, it's important to be proactive. MHA ® can help you get real help and real answers right now.

If you can't afford your mortgage payment and it's time for you to transition to more affordable housing, the Home Affordable Foreclosure Alternatives® (HAFA) program is designed for you. HAFA provides two options for transitioning out of your mortgage: a short sale or a Deed-in-Lieu (DIL) of foreclosure. In a short sale, the mortgage company lets you sell your house for an amount that falls "short" of the amount you still owe. In a DIL, the mortgage company lets you give the title back, transferring ownership back to them.

In either case, HAFA offers benefits that make the transition as favorable as possible:

• You can get free advice from HUD-approved housing counselors and licensed real estate professionals.
• Unlike conventional short sales, a HAFA short sale completely releases you from your mortgage debt after selling the property. This means you will no longer be responsible for the amount that falls "short" of the amount you still owe. The deficiency is guaranteed to be waived by the servicer.
• In a HAFA short sale, your mortgage company works with you to determine an acceptable sale price.
• HAFA has a less negative effect on your credit score than foreclosure or conventional short sales.
• When you close, HAFA may provide $10,000 in relocation assistance.