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More Relief for Troubled Crofton Area Homeowners

Crofton Maryland homeowners trying to avoid foreclosure or the hassles of a short sale will be glad to learn about some new government programs announced earlier this week.

Man - paying billsOn November 30, the U.S. Treasury Department announced guidelines for the new Home Affordable Foreclosure Program (HAFA), part of the Home Affordable Modification Program (HAMP).  HAFA simplifies and streamlines the use of short sale and deed-in-lieu-of-foreclosure options by incorporating new features. Rather than try to explain them to you here, let me provide a link to the HAFA guidelines published by HAMP.  Additional information on this program is available from the National Association of REALTORS.

Deed for Lease is a new Fannie Mae program that could be right for some Crofton homeowners.  Here’s a brief summary of how it works:  A borrower transfers ownership of the property to his/her lender through a deed-in-lieu-of-foreclosure and then signs a lease for up to 12 months. This program is designed for borrowers who do not qualify for other workout solutions, including modifications, or who do not meet their obligations under the modification.  For details, click on D4L to read more about this program on Fannie Mae’s website.

As the numbers of troubled homeowners has grown over the past two years, many lenders have slowly but surely developed better strategies for addressing the situation.  It can still take six months or more to get approval for a short sale, but some are taking as little as a month.  Please don’t be afraid to sell or buy a short sale – it could be the best decision for some Crofton area homeowners in this market.

Find out if your current mortgage is owned by Freddie Mac or Fannie Mae.  Knowing this will help you identify specific programs available to address your situation.

 

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