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Christine Moscinski, Broker Associate/Realtor's Blog

By Chris Moscinski | Local Expert | Agent in Willowbrook, IL

HOMEOWNERS AT RISK OF FORECLOSURE FROM JOB LOSS - HELP (HAFA)


More HAFA changes made March 26, 2010 that will allow underwater homeowners paying more on their mortgage than the home is worth, to recieve relief.

Homeowners that cannot pay their mortgage note due to job loss (unemployment) will be able to refinance with a new addition to the HAFA program. This  will allow homeowners to refinance through FHA and reduce their mortgage principal to 115% loan to value ratio. 

The well intentioned HAFA program has failed miserably in efforts to sustain the rapid foreclosure rate, due to unqualified and misinterpreted information. Many homeowners are still on the verge of losing thier homes because the program just DID NOT WORK.

With this news, many homeowners will be calling their lenders on Monday to get help - WILL THEY BE PREPARED??
 
You know my answer - NO WAY.

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