Home Affordable Foreclosure Alternatives (HAFA)
The Home Affordable Foreclosure Alternatives (HAFA) program is designed for people who can’t afford mortgage payments and want to shift to more affordable housing. HAFA arranges two choices for getting out of your current 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 scenario, you surrender your title back and transfer ownership back to the mortgage company.
In either case, HAFA makes sure it is a beneficial and advantageous transition for the homeowner.
- HAFA provides free advice from HUD-approved housing counselors and licensed real estate professionals.
- Compared to conventional short sales, a HAFA short sale will free you of your mortgage debt after the transaction. You will not be liable or restricted towards the amount that falls “short” of the amount you still owe. All deficiencies are guaranteed waived by the servicer.
- In a HAFA short sale, you and your mortgage company will negotiate and agree on a fair, acceptable sale price.
- HAFA ensures minimal negative effects on your credit score compared to a foreclosure or conventional short sales.
- HAFA provides $3,000 in relocation assistance after every successful deal.
Program ends December 31, 2013.
Check your eligibility now…..
HAFA Eligibility Form