Home Affordable Foreclosure Alternatives Program
In addition to all the other benefits of a short sale is the HAFA Program, put into effect on
April 5, 2010, HAFA offers incentives to home owners who short sale their homes. In addition,
lenders and servicers are also offered incentives to go the short sale route. Since everyone
receives benefits, it allows the short sale process to run smoothly with parties who are more
willing to cooperate.
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$3,000 is given to home owners for relocation expenses
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Loan servicers receive $1,500
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Investors who sign off on payments to second position lien holders receive a maximum of $6,000
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Investors receive $1 for every $3 spent to release junior liens; up to 6% with a cap of $6,000
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Not only do home owners benefit from cash incentives through the HAFA Program, they also
receive a full release from the deficiency amount that remains after the proceeds from the
sale have been taking into account. What's more, lenders are given a specific time frame
they must follow when it comes to their response time to an offer.
The HAFA Program is most fit for home owners who:
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Do not qualify for a loan modification trial
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Fail to successfully complete the trial loan modification
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Miss two or more consecutive mortgage payments during the trial loan modification
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Request a deed-in-lieu of foreclosure or a short sale
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HAFA requires that:
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The home is the the seller's primary residence
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The loan is the first mortgage
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The loan originated before January 1, 2009
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The borrower in default or either can foresee future default
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The loan balance is less than or equal to $729,750
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The monthly loan payment is more than 31% of the borrower's gross income
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To further discuss HAFA with us, or to hear how we can short sale your home, give us a call
today! Our team of Short Sale Specialists are waiting to speak with you at no obligation.
Whether you are ready to list your property, or simply have a few questions, we would love
to help at no cost to you!
877-737-4903
HAFA Forms:
HAFA Short Sale Agreement (SSA)
HAFA Request for Approval of Short Sale (RASS)
HAFA Alternative Request for Approval of Short Sale
HAFA Deed in Lieu for Foreclosure Agreement
HAFA Data Dictionary
HAFA Form 4506-T Request for Transcript of Tax Return
HAFA Hardship Affidavit
HAFA Request for Modification and Affidavit (RMA)
Need Phoenix Realtor help for the HAFA government short sale program? Get connected with a HAFA program specialist real estate agent in the Phoenix Arizona area.
Need a Phoenix AZ Distressed Property Expert Certified in short sales to offer free Chase short sale services? Our Phoenix area Distressed Property Expert Certified real estate agents are here to help, and are Certified or training in the Arizona Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.
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