HAFA Short Sale

Home Affordable Foreclosure Alternative (HAFA)  is a program for homeowners facing hardship who cannot avoid foreclosure and need to sell their property.   The program is directed by the Making Home Affordable Initiative.  Homeowners who are eligible (see Qualifications and Eligibility below) for HAFA are given an equitable way to avoid foreclosure by performing a short sale.  

HAFA benefits:

Homeowners recieve $3,000 for relocation assistance

Lenders must allow the homeowner the opportunity to attempt a short sale before following through with a foreclosure

Homeowners are fully released from future deficiency judgments. 

Lenders cannot ask for a cash contribution or a promissory note.

 

Basic HAFA Eligibility:

Borrower must meet all of the conditions as follows:

Must be, or recently have been borrower’s principal residence

Property has been borrower occupied in the last 12 months

Loan must be delinquent or default reasonably forseeable (current or less than 60 days delinquent – Loan in foreclosure is eligible

First loan must have originated on or before January 1, 2009

Borrower must be able to document a financial hardship

Borrower’s current unpaid 1st loan principal balance must be less the $729,750.00

How to Apply for HAFA:

Short sales are complex transactions involving coordination and cooperation among a number of various parties.  The HAFA program requires that you hire a licensed real estate professional.   

For more information contact Mona, or visit www.makinghomeaffordable.gov

If you do not qualify for HAFA:

Do not think a short sale is not an option for you if you don’t qualify for HAFA.  Mona also carries the CDPE (Certified Distressed Property Expert) designation, which she obtained by completing extensive training involving regular short sale transactions.  Mona has successfully closed many short sale transactions and is extremely qualified to guide you through this procss.