First, the HAMP program allows Seminole County homeowners who are behind in their mortgage payments but can afford a lesser amount, to avoid foreclosure and modify the terms, interest, and even forgive part of the principal of the loan. See this blog post for more information on loan modification under HAMP.
Second, the HAFA program allows Seminole County homeowners who are behind on their mortgage payments and cannot make the payments, to avoid foreclosure and engage in a “short sale” of the house or to simply give the lender the deed in lieu of foreclosure if the short sale does not work. HAFA offers financial incentives to both the seller of the home and the lender to work toward a result other than foreclosure. Check out this blog post for more information on short sales under HAFA.
You can check out Makinghomeaffordable.gov, which is the official federal government foreclosure help website on both HAFA and HAMP, here.
