Home Affordable Foreclosure Alternatives (HAFA) Program

If you can't afford your mortgage payment and it's time for you to transition to more affordable housing, the Home Affordable Foreclosure Alternatives(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:

  • You can get free advice from HUD-approved housing counselors and licensed real estate professionals.
  • 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.
  • In a HAFA short sale, your mortgage company works with you to determine an acceptable sale price.
  • HAFA has a less negative effect on your credit score than foreclosure or conventional short sales.
  • When you close, HAFA provides $3,000 in relocation assistance.
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* Only the appropriate qualified and/or licensed person can qualify you for any government assistance program. All the above noted guidelines were taken from http://www.makinghomeaffordable.gov/programs/exit-gracefully/Pages/hafa.aspx. We are not a government agency or a servicer and can not guarantee eligibility.