What are the Requirments for HAFA? (Home Affordable Foreclosure Alternatives Program)

The Home Affordable Foreclosure Alternatives Program, or HAFA, is a program that is designed to help homeowners through the process of getting out of a foreclosure. Here are the basics of the Home Affordable Foreclosure Alternatives Program and how it works.

Using the Program

This program is designed to help individuals that have tried to work with the Making Home Affordable Program. If you are unable to qualify for the program, or you qualified but did not meet the payments in the modification, then you may be able to get involved with this program. 

What it Does

The purpose of this program is to help homeowners avoid going through foreclosure. In order to do this, the government is going to offer the lender an incentive to help them complete a short sale or a deed-in-lieu. With a short sale, the lender will allow the homeowner to sell the property for less than what is owed on the mortgage. With a deed-in-lieu, the homeowner is going to transfer ownership of the property back to the lender without actually going through foreclosure. The program also provides up to $3000 to the homeowner to help them with moving costs.

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