HAFA Requirements to receive $3000 in moving assistance:

You may be eligible for the Home Affordable Foreclosure Alternatives program if:

1.       The property is your current principal residence, OR the property has been vacant or rented out for less than 12 months, and you have not bought another principal residence during that time.

2.       The amount you owe on your first mortgage for your property is equal to or less than:

·         $729,750 for 1 unit

·         $934,200 for 2 units

·         $1,129,250 for 3 units

·         $1,403,400 for 4 units

3.       You owe more on your home than it’s worth

4.       Your current mortgage was taken out on or before January 1, 2009

5.       You are experiencing a hardship (such as a job loss, divorce or medical emergency) and are unable to afford your current home loan

Deficiency Judgments: Mainland Title and Stephen Lankau will do everything in their power to help you avoid a deficiency judgement!

Contrary to what people think, deficiency judgments stem from the fact a borrower defaulted on a PROMISSORY NOTE, not the mortgage. A promissory note is a promise to pay. It can also provide for personal liability, depending on your state laws. Personal liability means the lender can come after your assets if you do not make your payments.

A promissory note is secured by either a trust deed or a mortgage in the state of Florida, depending on the financing instrument each state uses. Typically, the mortgage or trust deed is recorded in the public records where the property is located, which gives the public constructive notice that the home has a lien against it.