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Arizona Foreclosure, HAMP, HAFA… What?

by Charlie Allred

Talk about mass confusion… Terms like Arizona short sale, loan modification, HAMP, and HAFA are being tossed around now like footballs on Thanksgiving day and for me, I see people struggling to make sense of it all.

Really, why do we have to make it so difficult for people to find the relevant information they seek? Chances are if you are remotely interested in these topics you are either a real estate professional or a homeowner looking to avoid foreclosure. And, what this online resource is all about is providing you usable information to help you do just that.

So, if you are a homeowner who may be facing foreclosure in Arizona, really what you need to know is that HAMP and HAFA are both acronyms for government sponsored programs which were designed to give homeowners more options in dealing with their financial difficulties related to being upside down on a mortgage or simply having a hardship which has kept you from being able to pay your mortgage creating a situation where foreclosure is looming.

The HAMP and HAFA are part of the larger Making Home Affordable Program instituted by the Obama administration which was announced back in 2009. The HAMP or Home Affordable Modification Program is a system which will allow you to modify your loan under certain circumstances. The HAFA or Home Affordable Foreclosure Alternatives Program allows for provisions where you may be able to perform a short sale to get out of a situation where you may be upside down.

The HAFA program is available to those who do not meet requirements for HAMP, and it may provide some financial incentives to those who are able to execute a proper HAFA transaction.

The best thing to do is contact us so that we can help you individually, or you can read more about short sales in Arizona and learn why a short sale is by far the best option in most cases.

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