Marc Sanders, who lost his job as a radiology consultant in October, was thrilled to find out he qualified for a federally funded program that will make up to $3,000 a month in mortgage payments on behalf of unemployed homeowners in California.
Sanders was eligible for the maximum assistance – $3,000 a month for six months – from the Keep Your Home California program, but he was shut out for an astonishing reason.
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The HAFA (Home Affordable Foreclosure Alternative) program is important because it’s sponsored by the federal government, with the common goal of helping borrowers and an alternative way in avoiding foreclosure. A short sale or deed-in-lieu (DIL) is
the best choice for both the lender and the borrower because the home will maintain it’s value better when occupied, and the borrower gets to reduce their debt load with no deficiency judgement against them. If you were not able to get your loan modified, this is the best option for you since a foreclosure or bankruptcy can affect your credit for 7-10 years. In addition, there is no cost for the program and you will also receive a $3000 incentive at closing.