Why The HAFA Program Is Important
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The HAFA short sale program is a very important program because it’s a great alternative to foreclosures. This is much needed because of the current state of the housing market. The United States is experiencing one of the worst economic downturns of all-time, and much of it occurred because of the real estate industry. There are a record amount of houses and condos in foreclosure, and many more are expected to be filed as time goes on.
The HAFA program is important because it’s sponsored by the federal government, with the common goal of helping homeowners. Utitlizing the HAFA program is much better than a foreclosure because it does not affect one’s credit report as adversely. For the same reason, it’s better for a borrower to take advantage of HAFA – opposed to filing bankruptcy.
A short sale or deed-in-lieu (DIL) is a very smart move for both the lender and the borrowerbecause the home will maintain it’s value better when occupied, and the borrower gets to reduce their debt load. Over time, the program should be a major influencer on how fast the housing market recovers. One-by-one, bad mortgage situations will be repaired – and the economy will slowly begin to be rebuilt.
