Archive for February, 2010

HAFA program begins April 5th to help homeowners that don’t succeed with HAMP

Home Affordable Foreclosure Alternatives Program (HAFA) effective April 5thOn November 30, 2009, the Treasury Department released guidelines and forms for its new Home Affordable Foreclosure Alternatives Program (HAFA). HAFA is part of the Home Affordable Modification Program (HAMP). HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification under the…

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Airzona Foreclosure Bills to help protect homeowners

Arizona Foreclosure bills to protect homeownersArizona Democrats have introduced legislation to tackle the state’s foreclosure crisis and to protect homeowners.• HB 2715 would give homeowners facing foreclosure another 60 days to work out a loan modification.• HB 2740 calls for allowing renters in homes that are in foreclosure to stay in the house and continue to pay affordable rents, and for homeowners who lose homes…

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Tenants renting a property in Foreclosure can stay

Under federal law, a tenant is generally entitled to stay in the rented premises after a foreclosure sale until the term of the lease expires. The lender or third-party buyer at the foreclosure sale, however, has no obligation to refund the security deposit when lease expires. Tenants ask an attorney:

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