Here is more information about the HAFA program.

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There is plenty of help out there for homeowners who may face foreclosure.

In Supplemental Directive 09-01, the Treasury Department (Treasury) announced the eligibility, underwriting and servicing requirements for the Home Affordable Modification Program (HAMP). Under HAMP, the servicers apply a uniform loan modification process to provide eligible borrowers with sustainable monthly payments for their first lien mortgage loans. While HAMP program guidelines are intended to reach a broad range of at-risk borrowers, it is expected that servicers will encounter situations where they are unable to approve a HAMP modification request, a HAMP modification is offered and not accepted by the borrower, or the borrower falls out of a HAMP modification. In these instances, the borrower may benefit from an alternative that helps the borrower transition to more affordable housing and avoid the stigma of a foreclosure.
This Supplemental Directive provides guidance to servicers for adoption and implementation of the Home Affordable Foreclosure Alternatives Program (HAFA). HAFA is part of HAMP and provides financial incentives to servicers and borrowers who utilize a short sale or a deed-in-lieu to avoid a foreclosure on an eligible loan under HAMP. Both of these foreclosure alternatives reduce the need for potentially lengthy and expensive foreclosure proceedings. The options help preserve the condition and value of the property by minimizing the time a property is vacant and subject to vandalism and deterioration. In addition, these options generally provide a substantially better outcome than a foreclosure sale for borrowers, investors and communities.

This Supplemental Directive provides guidance to servicers for adoption and implementation of HAFA for first lien mortgage loans that are not owned or guaranteed by Fannie Mae or Freddie Mac (Non-GSE Mortgages). In order for a servicer to participate in HAFA for Non-GSE Mortgages, the servicer must execute a servicer participation agreement and related documents (SPA) with Fannie Mae in its capacity as financial agent for the United States (as designated by Treasury) to participate in HAMP on or before December 31, 2009. In certain circumstances, Supplemental Directive 09-01 requires participating servicers to consider borrowers for other foreclosure prevention options, including short sale and deed-in-lieu programs. As a result, servicers already participating in HAMP must follow the guidance set forth in this Supplemental Directive, which provides servicers with the option to determine the extent to which short sales or deeds-in-lieu will be offered under this program. Servicers of mortgage loans that are owned or guaranteed by Fannie Mae or Freddie Mac should refer to the HAFA announcement issued by the applicable GSE. A loan must be HAMP eligible and meet the other requirements stated herein to be eligible for incentive compensation under HAFA.

The effective date of this Supplemental Directive is April 5, 2010. A servicer may elect to implement HAFA prior to April 5, 2010, provided that the servicer is able to collect and report all required information as described in the Reporting Requirements section of this Supplemental Directive. Borrowers may be accepted into HAFA if a Short Sale Agreement or DIL Agreement, as described in this Supplemental Directive, is fully-executed by the borrower and received by the servicer on or before December 31, 2012.

Documents:

HAFA RSS Request for Short Sale

HAFA SSA Short Sale Agreement

HAFA SSA Short Sale Letter of Approval

CDPE HAFA Packet

The above is an excerpt from the full report.  Click on HAFA for the complete 43 page report.

If you are in default on your mortgage obligation, you need to seek professional advise as soon as possible in order to understand your rights and responsibilities.  There are many solutions, and each family’s circumstances are different.  We will work with you to develop a strategy that minimizes your exposure and enables you to re-establish your credit.

We can help to expedite the approval process and help you through the new government programs at NO COST to YOU!!!Call us at 561-827-1790.

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West Palm Beach Demographics

A lot of people want to know what makes a city great. West Palm Beach is a very diverse city. It’s is a melting pot. So what is the city of West Palm Beach, Florida made of???

People

As of 2006, there were 86,302 people, 34,769 households, and 18,253 families residing in the city. The population density was 574.9/km² (1,488.9/mi²). There were 40,461 housing units at an average density of 283.3/km² (733.8/mi²). The racial makeup of the city was 54.09% White (of which 36% were Non-Hispanic Whites,)^[8] 36.21% African American, 0.33% Native American, 1.46% Asian, 0.16% Pacific Islander, 4.35% from other races, and 3.40% from two or more races. Hispanic or Latino of any race were 18.21% of the population.

There were 34,769 households out of which 22.4% had children under the age of 18 living with them, 34.3% were married couples living together, 13.6% had a female householder with no husband present, and 47.5% were non-families. 37.6% of all households were made up of individuals and 11.8% had someone living alone who was 65 years of age or older. The average household size was 2.26 and the average family size was 3.02.

In the city, 21.3% of the population is under the age of 18, 9.8% from 18 to 24, 31.5% from 25 to 44, 21.4% from 45 to 64, and 16.0% who were 65 years of age or older. The median age was 37 years. For every 100 females there were 97.3 males. For every 100 females age 18 and over, there were 94.8 males.

The median income for a household in the city was $36,774, and the median income for a family was $42,074. Males had a median income of $30,221 versus $26,473 for females. The per capita income for the city was $23,188. About 20.5% of families and 23.9% of the population were below the poverty line, including 29.2% of those under age 18 and 14.8% of those age 65 or over 95 .

As of 2000, speakers of English as a first language accounted for 72.49% of all residents, while those who spoke Spanish made up 17.71%, French Creole 4.46%, French 1.27%, German 0.62%, and Italian 0.52% of the population.^[9]

As of 2000, West Palm Beach had the 65th-highest percentage of Cuban residents in the US, with 5.29% of the populace (tied with Cooper City.)^[10] It had the forty-third highest percentage of Haitian residents in the US, at 4.20% of the city’s population (tied with Roosevelt, New York,)^[10] and the fifty-sixth highest percentage of Guatemalan residents in the US, at 2.24% of its population.^[11] There is a thriving Hispanic community just south of the Downtown area called Poinciana Park.^[12]

Courtesy of Wikipedia