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The Home Affordable Foreclosure Alternatives (HAFA) Program provides additional options to avoid costly foreclosures and offers incentives to borrowers, servicers and investors who utilize a short sale or deed-in-lieu (DIL) to avoid foreclosures.
Who is Eligible?
HAFA alternatives are available to all Home Affordable Modification Program (HAMP) eligible borrowers who:
1) do not qualify for a Trial Period Plan;
2) do not successfully complete a Trial Period Plan;
3) miss at least two consecutive payment during a HAMP modification; or,
4) request a short sale or deed-in-lieu.
As of August 1, 2010, loans owned or guaranteed by Fannie Mae or Freddie Mac now qualify for HAFA.
The big picture, clearly explained! Watch the Video here: What is HAFA
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. HAFA is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
- Mortgage Guide – Basics of the Home Affordable Modification Program HAMP is a modification program with very specific requirements. It was introduced by the Obama administration to help prevent avoidable foreclosures. HAMP is one tool of many available to help......
- Having trouble making home loan payments, Tap into Uncle Sam’s Home Affordable Foreclosure Alternative Program (HAFA) The Home Affordable Foreclosure Alternatives (HAFA) Program provides additional options to avoid costly foreclosures and offers incentives to borrowers, servicers and investors who utilize a short sale or deed-in-lieu (DIL)......
- Short Sales encouraged by US Treasury with new guidelines The U.S. Treasury Department announced new guidelines this week designed to make short sales go more smoothly. To qualify under these new guidelines: 1. The property must be the home......
