The Home Affordable Foreclosure Alternatives (HAFA) Program is a government-sponsored initiative led by the US Treasury Department, administered by Fannie Mae with Freddie Mac, and executed by participating lenders & servicers to help homeowners avoiding foreclosure, specifically through short sales or deeds-in-lieu.
Benefit to the homeowner:
- If you qualify, and your lender is willing to participate, you will receive $3,000 at the end of the short sale transaction
- Your short sale is approved quickly up front, thus alleviating the stress and uncertainty typically associated with short sales
- 2nd and/or 3rd mortgages can be settled promptly if these lenders are also HAFA participants
- The lender waives any rights to pursue you for the deficiency
Homeowner Eligibility:
- You live in the home or have lived there in the last 12 months.
- You have a documented financial hardship.
- You have not purchased a new house within the last 12 months.
- Your first mortgage is less than $729,750.
- You obtained your mortgage on or before January 1, 2009.
- You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.
- Other conditions may apply
HAFA is available for mortgages that are either owned or guaranteed by Fannie Mae and Freddie Mac or serviced by over 100 HAMP participating servicers.
Find out HERE if your home is owned by Fannie Mae or Freddie Mac
A list of HAMP participating servicers can be found HERE
Call (877) 728-5942 or email us at SFFinancial@hotmail.com
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Filed under: ShortSaleSolutions
