The United States Department of the Treasury in an effort to help more military service members qualify for short sales and deeds-in-lieu of foreclosures has clarified guidelines for the Home Affordable Foreclosure Alternative program. A caveat in the previous qualification guidelines stated that a military personnel’s permanent change of station was not considered a financial hardship. The change was made as a result of numerous phone calls the treasury received through the Homeowner’s Hope Hotline and officials were persuaded to make the clarification.
According to a directive sent to mortgage servicers, an example of hardship now includes a “Permanent Change of Station” order as the basis for his or her financial hardship when requesting HAFA even if the service member’s income has not been decreased, so long as the service member does not have sufficient liquid assets to make his or her monthly payments.
The HAFA program was launched in April 2010 to help military homeowners avoid foreclosure if they no longer were participating in a Home Affordable Modification Program trail or permanent workout. Please visit my website www.JohnnyBrooksHomes.com for helpful tips in buying or selling a home, scan my informative blogs and easy access to view all local area homes for sale.