The Home Affordable Foreclosure Alternatives initiative is a part of the Making Home Affordable Program (MHA). HAFA offers options for qualified individuals facing possible foreclosure of their homes.
(prHWY.com) February 15, 2013 - Memphis, TN -- Memphis, Tennessee (January 9, 2013) - Churchill Mortgage Corporation, one of the leading mortgage companies in Memphis, TN, is letting people know about HAFA (Home Affordable Foreclosure Alternatives). These insights can help interested homeowners understand what HAFA can do for them.
The Home Affordable Foreclosure Alternatives initiative is a part of the Making Home Affordable Program (MHA). HAFA offers options for qualified individuals facing possible foreclosure of their homes. Introduced by the Treasury Department in 2009, it aims to limit foreclosures and give affected borrowers some leeway to be able to move into more affordable housing.
The lender explains that HAFA gives two options for borrowers: a Short Sale or a Deed-in-Lieu (DIL). A Short Sale allows the person to sell his or her home for less money than is currently owed. Meanwhile, DIL lets the borrower return ownership of a property to the mortgage company by giving them back the title. Either option allows the individual to transition out of his or her mortgage as smoothly as possible.
Churchill Mortgage adds that HAFA does not stop there. It also gives other benefits like the person's credit score not being affected as negatively as with a conventional short sale or a foreclosure, a short sale "forgiving" the portion of the debt owed, and being able to work with a mortgage company on coming up with an acceptable short sale price.
The company suggests consulting either a HUD- approved housing counselor or any of the Memphis mortgage lenders knowledgeable on the program. Visit
www.Memphis.ChurchillMortgage.com to find out more.
About Churchill Mortgage Corporation
Founded in 1992 by Mike Hardwick in Brentwood, Tennessee, Churchill Mortgage has been providing its lending solutions and expertise to homeowners in nine additional states. It offers home loans and refinancing programs that are tailored fit to people's finances. Their local office is situated at 5384 Poplar Ave., Ste. #441, Memphis, TN 38119. Contact them at 901-433-9668.
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