The Home Affordable Foreclosure Alternatives (HAFA) Program The HAFA program allows borrowers to leave their properties through two possible means, a short sale or a deed in lieu of foreclosure. Short sales require you to sell your house for less than what you still owe on your mortgage.
What does HAFA stand for?
Home Affordable Foreclosure Alternatives
The Home Affordable Foreclosure Alternatives (HAFA) program is for borrowers who, although eligible for the government Home Affordable Modification Program (HAMP), are not able to secure a permanent loan modification or cannot avoid foreclosure.
What is a HAFA loan?
The Home Affordable Foreclosure Alternatives (HAFA) short sale program was a government-sponsored program designed to ease the process of real estate short sales. It was effective from April 5, 2010 through December 31, 2016. Homeowners seeking relief must now work directly through their lender.
What does Hamp stand for?
Home Affordable Modification Program (HAMP) | U.S. Department of the Treasury.
What language is Hafa?
The Chamorro phrase of the day is “Hafa Adai!” (pronounced as Half A Day), which means hi or hello. “Hafa Adai!” is used the same way as the word “Aloha” in the Hawaiian Islands. Thanks to Ms. Ann Perez from the USNH Guam Chamorro community for sharing today’s Chamorro phrase of the day.
What is the Home Affordable foreclosure Alternatives Program HAFA?
The Home Affordable Foreclosure Alternatives (HAFA) Program
The HAFA program allows borrowers to leave their properties through two possible means, a short sale or a deed in lieu of foreclosure. Short sales require you to sell your house for less than what you still owe on your mortgage.
What does HPA borrower mean?
The Homeowners Protection Act of 1998 is a law designed to reduce the unnecessary payment of private mortgage insurance (PMI) by homeowners who may no longer be required to pay it. The Homeowners Protection Act covers all private, residential mortgages purchased after July 29, 1999.
What is HPA mortgage?
Homeowners Protection Act. Background. The Homeowners Protection Act of 1998 became effective in July 1999. The act, also known as the PMI Cancellation Act, addresses the difficulties homeowners have experienced in canceling pri- vate mortgage insurance (PMI) coverage.
What is a non HPA loan?
Non-HPA Mortgage — Any Home Mortgage with mortgage insurance, originated on or after the HPA Effective Date, that is not an HPA Mortgage.
Who qualifies for HAMP?
→ The mortgage must have originated 12 months before applying for Flex. → The borrower must meet the hardship criteria. → The borrower must have a stable verified income to support a monthly payment. → The borrower’s mortgage cannot be already in a forbearance or repayment plan (unless directed by Fannie Mae).
What are HAMP benefits?
Under HAMP, homeowners that make timely payments on their modified loans are eligible to have incentive payments made on their behalf to lenders/investors. Each month that a homeowner makes a mortgage payment on time, the homeowner accrues an amount toward a Pay-for-Performance Success Payment.
When did the HAMP program start?
The Home Affordable Modification Program (HAMP) was a loan modification program introduced by the federal government in 2009 to help struggling homeowners avoid foreclosure. The program’s focus was to help homeowners who paid more than 31% of their gross income toward mortgage payments.
How do you say hello in Guam?
Don’t be surprised if business owners and restaurant staff greet you with a hearty “Håfa Adai” (Chamorro for “Hello”). Give your best “Håfa Adai” to anyone you meet on your journey, or take an extra step and try out these simple Chamorro greetings.
What is Hafa Adai in Guam?
Hafa adai” is a greeting used by the Chamorro people of the Mariana Islands. (Guam, Rota, Tinian and Saipan). “ Aloha” is a salutation used by natives of the Hawaiian. Islands, that has a dual meaning of hello and goodbye.
What does Hafa mean in Nigeria?
How you doing or what’s good. Example. Hafa my guy, or hafa the work at Nnpc. Synonyms: [“How”, “What”] Origin: Nigeria.
What does chelu mean in Guam?
sibling; brother or sister
Che’lu is a Chamorro term for a sibling; brother or sister. Mañe’lu is the plural form of che’lu, referring to more than one sibling. Today che’lu is also used in casual conversation when referring to a peer or close friend.
How do you say thank you in Guam?
Si Yu’os ma’åse’
What does Amen mean in Chamorro?
To “amen” is to show respect, and in the CHamoru culture, nginge is a concept that describes the sniffing of the back part of an elder’s hand.