Chicago IL HAFA Short Sale Attorney
An Attorney in the Chicago area would understand that the HAFA program was designed to help people that can’t afford their mortgage payment move into more affordable housing. You have two options in the HAFA program. The first option is a deed-in-lieu of foreclosure. In this option the lender allows you to give your title back to them which transfers ownership back to them. The second option is a short sale. In a short sale the lender allows you to sell your house for less than the amount that you still owe them.
In either option the HAFA program provides home owners options that help you through the transition. In this program you are able to get free advice from HUD-approved licensed real estate professionals and housing counselors. The HAFA program is different from traditional short sales because it completely releases you from your mortgage debt. You are not responsible for the amount that falls short in the payment from the short sale. The remaining amount is guaranteed to be waived. Your mortgage company will work with you to come to an acceptable sale amount for your HAFA short sale.
In the HAFA program you will have much less impact on your credit score than a traditional short sale would have. You will also receive $3000 in relocation assistance from the HAFA program to help.
If you have any questions about the HAFA program don’t hesitate to call the Law Office of Ranj Mohip LLC. We are here to help you successfully navigate this situation.