The Home Affordable Foreclosure Alternatives (HAFA) program was developed for homeowners whose mortgage payment is unaffordable, and are interested in transitioning to more affordable housing through a short sale or deed-in-lieu of foreclosure.
HAFA Eligibility
You may be eligible to apply if you meet all of the following:
- You occupy the house as your primary residence.
- You obtained your mortgage on or before January 1, 2009.
- You have a mortgage payment that is more than 31 percent of your monthly gross (pre-tax) income.
- You owe up to $729,750 on your home.
- You have a financial hardship and are either delinquent or in danger of falling behind.
- You have sufficient, documented income to support the modified payment.
- You must not have been convicted within the last 10 years of felony larceny, theft, fraud, forgery, money laundering, or tax evasion, in connection with a mortgage or real estate transaction.
The benefit of a HAFA short sale is that you are no longer responsible for the difference between what you owe on your mortgage and the amount that your home sells for. You will also receive $3,000 in relocation assistance upon successful closing of your short sale or deed-in-lieu of foreclosure.
To find out the odds of your eligibility, or if you are just curious about a HAFA short sale transaction, contact HSC by completing the form below. We will get back to you with more information within 24 hours.