Knoxville Short Sales – HAFA Short Sales To Up Relocation Assistance

mha-logoIn October of last year, the Home Affordable Foreclosure Alternatives (HAFA) Program announced some changes to their short sale program. One of the most important changes that was announced was an increase in relocation assistance to those who complete a Knoxville short sale. Read on to find out more about what these changes could mean for you if you complete a HAFA short sale. Under the new HAFA short sale guidelines, any Knoxville homeowner that completes a short sale on or after February 1st, will be eligible to receive $10,000 of relocation assistance. In order to qualify for the relocation assistance, the home must be a primary residence for the seller and they must be required to vacate the home due to the short sale. In addition, any homeowner to completes a deed-in-lieu of foreclosure through the HAFA program would also be eligible to receive the relocation assistance. It is important to note that the relocation assistance is only available for those short sales that go through the HAFA program. There are many short sales that go through Fannie Mae's and Freddie Mac's programs; unfortunately, those short sales have a different set of guidelines for relocation assistance. In order to qualify for a HAFA short sale, a Knoxville homeowner must meet the following requirements: -The homeowner must have documented hardship. -The homeowner may have not purchased a home within the last 12 months. -The homeowner's first mortgage is less than $729,750. -The homeowner obtained his/her mortgage on or before January 1, 2009.-The homeowner has not been convicted of a felony, larceny, theft, fraud, forgery, money laundering or tax evasion in connection with a mortgage or real estate transaction. To learn more about a HAFA short sale, visit the Making Homes Affordable website to learn more.

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