Relocation Money From Uncle Sam

Homeowners who want to sell their home, but owe more than it’s worth might want to check out the federal government’s Home Affordable Modification Program (HAMP).

HAMP is best known, as the name suggests, as a loan modification program through which homeowners who can’t afford their mortgage payment may be able to obtain some relief from the loan servicer. But HAMP also has a program, called Home Affordable Foreclosure Alternative (HAFA), for those who are ready to complete a short sale or deed-in-lieu (DIL) as an alternative to foreclosure.

HAFA is intended to help struggling borrowers transition to housing that’s more affordable for them and avoid some of the headaches and most severe credit consequences of foreclosure. The program offers incentives to lenders, loan servicers and homeowners who complete the requirements. Read More.....

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