HAFA - Home Affordable Foreclosure Alternatives

What is HAFA?
What is Home Affordable Foreclosure Alternatives?

Under the HAFA short sale program, the government offers mortgage lenders and servicer an incentive for allowing homeowners to short sell their homes. If you can't afford your mortgage payment and it's time for you to transition to more affordable housing, the Home Affordable Foreclosure AlternativesSM (HAFA) program is designed for you. HAFA provides two options for transitioning out of your mortgage: a short sale or a Deed-in-Lieu (DIL) of foreclosure. In a short sale, the mortgage company lets you sell your house for an amount that falls "short" of the amount you still owe. In a DIL, the mortgage company lets you give the title back, transferring ownership back to them. In either case, HAFA offers benefits that make the transition as favorable as possible:

  1. You can get free advice from HUD-approved housing counselors and licensed real estate professionals.
  2. Unlike conventional short sales, a HAFA short sale completely releases you from your mortgage debt after selling the property. This means you will no longer be responsible for the amount that falls "short" of the amount you still owe. The deficiency is guaranteed to be waived by the servicer.
  3. In a HAFA short sale, your mortgage company works with you to determine an acceptable sale price.
  4. HAFA has a less negative effect on your credit score than foreclosure or conventional short sales.
  5. When you close, HAFA may provide $3,000 in relocation assistance.

 

Eligibility Information
Here is eligibility criteria

You may be eligible for HAFA if you meet all of the following criteria:

  1. You have a documented financial hardship.
  2. You have not purchased a new house within the last 12 months.
  3. Your first mortgage is less than $729,750.
  4. You obtained your mortgage on or before January 1, 2009.
  5. You must not have been convicted within the last 10 years of felony larceny, theft, fraud, forgery, money laundering or tax evasion in connection with a mortgage or real estate transaction.


  6. *Eligibility criteria are for guidance only. Contact your mortgage servicer to see if you qualify for HAFA.

 

Can I Contact HAFA Directly?
Here is how you can get HAFA benefits

The answer is no.  HAFA does not work directly with homeowners or sellers. You will need to have your property listed for sale. We handle your entire short sale from start to finish.  We always submit for the HAFA program if it appears that you are a good candidate. If you can qualify and your lender is participating in the HAFA program then we make sure you gain access to the program. Many times Realtors who are inexperienced with short sales submit documents or files incorrectly to the lender that can disqualify you for HAFA. We are experts at the Short Sale and HAFA program.  We ensure that all who qualify receive the HAFA benefits. If you are interested in finding out more about the HAFA Short Sale Program, Contact Us Today at 1-888-313-0001, ext 100, or email us at: Info@ShortSale-Aproval.com.

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US Metro Realty
Principal Broker: Kalim Qamar
+1 888.313.0001 ext. 100
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