#1 Minneapolis Camden Minnesota HAFA Foreclosure Negotiator, Minneapolis Camden HAFA Foreclosure Mn

The Joe Niece Team....The Results of Experience

Minneapolis Camden Minnesota HAFA Foreclosure Information and Advice. Let us help you now, Call us at 612-508-4100.

E-mail Joe Niece about your situation

HAFA Foreclosure Information

Details of HAFA

HAFA was introduced to simplify and streamline the short sale process. HAFA accomplishes this in the following ways:

Compliments HAMP by providing viable alternatives for borrowers who are HAMP-eligible
Uses standard processes, documents and timeframes
Provides financial incentives to borrowers, servicers and investors
Requires that borrowers be fully released from future liability for the debt
Utilizes borrower financial and hardship information collected in conjunction with HAMP, eliminating the need for additional eligibility analysis
Allows the borrower to receive pre-approved short sale terms prior to the property listing
Prohibits the servicer from requiring, as a condition of approving the short sale, a reduction in the real estate commission agreed upon in the listing agreement

HAFA provides financial incentives as follows:

Homeowners qualify for $3,000 (updated March 26, 2010; was previously $1,500) in Borrower Relocation Assistance after a short sale or deed-in-lieu has been completed (may classify as taxable income in some cases)
Financial incentives for servicers participating in the program include up to $1,500 (updated March 26, 2010; was previously $1,000) servicing bonus upon completion of a short sale or deed-in-lieu
Financial incentives for investors include up to $2,000 (updated March 26, 2010; was previously $1,000) for those who allow a total of up to $6,000 in short sale proceeds to be distributed to subordinate lien holders. This reimbursement will be earned on a one-for-three matching basis
Lenders pay all servicing fees � homeowners have no out-of-pocket expenses

There are two additional documents which provide detailed technical information on data related to HAFA and the HAFA reporting procedures for servicers:

HAFA Data Elements (Exhibit D) is a series of tables detailing specific reporting procedure data for servicers. It is available at the end of Supplemental Directive 09-09 Revised.
The HAFA Data Dictionary is a spreadsheet in Excel format coordinating with HAFA Data Elements (Exhibit D) that catalogues all of the data elements and associated metadata for the program, including the names, definitions, allowable values, and data types. It also defines the functional areas where the data elements are being used.

For more information on servicer reporting procedures and requirements, see "Reporting Requirements" on page 14 in Supplemental Directive 09-09 Revised.

I keep hearing that the bank wants my home so they are going to push me into a Minneapolis Camden Foreclosure. This is just not true, the bank does not want to make you a Minneapolis Camden foreclosure. Banks want to do everything they can in most cased to make sure you are not a Minneapolis Camden foreclosure. They would much rather have you do a Minneapolis Camden Short Sale then end up as a Minneapolis Camden Foreclosure.

I also hear people saying I received a Minneapolis Camden Foreclosure notice; I have to move out by the Foreclosure sale. In Minnesota, you are now a Minneapolis Camden pre-foreclosure. You will not be a Minneapolis Camden Foreclosure until six months after your Sheriff's Sale.
If you do not short sale your home, bring your home current or redeem it then you will be a Minneapolis Camden Foreclosure and you will need to leave.

Remember, If you have enough equity in your home, typically 60%-70%, there is a chance that you could still sell your home. Contact a Minneapolis Camden Foreclosure Expert like Joe Niece at 612-508-4100. He can point out other options other then Minneapolis Camden Foreclosure.

It you want to buy another home in the future, it is important for you to do something versus letting your home go into foreclosure. In some cases, you will be able to buy a home in half the time if you short sale you home versus letting it become a Minneapolis Camden Foreclosure.

Minnesota Short Sale Information

Learn More about Minneapolis Camden Short Sales

Minnesota Shortsale Hardship Letter Samples

Let a Minneapolis Camden Minnesota Short Sale Expert help you now, Call Joe Niece at 612-508-4100.

E-mail Joe Niece about your situation

Search every listing of every home for sale in Minneapolis Camden Search Minneapolis Camden MLS Listings

HAFA or Home Affordable Foreclosure Alternatives Program

Do You Qualify?

The Home Affordable Foreclosure Alternatives (HAFA) Program is the governments program to help homeowners avoid foreclosure.

HAFA gives incentives to lenders and $3000 to homeowners to allow and complete a short sale or deed-in-lieu of foreclosure.

Use the tool below to determine your eligibility:

Section 1 HAFA Questionaire

Is your loan owned or guaranteed by Fannie Mae or Freddie Mac?

Is the property your principle residence?

Is the Mortgage a first mortgage that closed before Jan 1 2009?

Have you missed payments or will you soon miss a payment?

Is your current unpaid balance less then $729,751?

Do your total monthy mortgage payments exceed 31% of your gross income?

Section 3 Borrower Information

Main Mortgage Borrower Name:
Home Phone Number:
Email Address:
Mortgage Property Address:
City State, Zip Code

Please press only once.

HAFA Homes Affordable Foreclosure Alternative