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New “HAFA” Program Offers $3,000 Cash incentive to help owners move out!



If you are UNABLE to make your mortgage payments or modify your loan, a new assistance program has been introduced to the many homeowners who have prospects for short sale success if their Loan Modification application is not accepted. HAFA, (Home Affordable Foreclosure Alternative) is a ‘new alternative’ providing additional options to help the home owner avoid foreclosure and bankruptcy and offers cash incentives to borrowers, servicers and investors.

This is the most recent option offered by the Treasury Department. As an incentive for those who utilize a short sale or deed-in-lieu (DIL) and are unable to keep their homes through the existing Home Affordable Modification Program’ (HAMP) to avoid foreclosure and bankruptcy. As usual there are qualification guidelines for those who apply.

Home Affordable Foreclosure Alternatives Program: Overview

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. HAFA alternatives are available to all 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
  4. Request a short sale or deed-in-lieu

In a short sale, the servicer allows the borrower to list and sell the mortgaged property with the understanding that the net proceeds from the sale may be less than the total amount due on the first mortgage. Generally, if the borrower makes a good faith effort to sell the property but is not successful, a servicer may consider a DIL. With a DIL, the borrower voluntarily transfers ownership of the property to the servicer - provided title is free and clear of mortgages, liens and encumbrances. With either the HAFA short sale or DIL, the servicer may not require a cash contribution or promissory note from the borrower and must forfeit the ability to pursue a deficiency judgment against the borrower.

HAFA simplifies and streamlines the short sale and DIL process by providing a standard process flow, minimum performance timeframes and standard documentation. The guidelines for HAFA are detailed further in the documents listed below.

Servicer Documents

  • Supplemental Directive 09-09 Revised: Home Affordable Foreclosure Alternatives Program Guidelines
    Guidance to servicers for adoption and implementation of the Home Affordable Foreclosure Alternatives Program (HAFA), which is part of HAMP and provides financial incentives to servicers and borrowers who utilize a short sale or deed-in-lieu to avoid foreclosure on an eligible loan under HAMP. This document replaces previously issued Supplemental Directive 09-09 and incorporates the substance of Supplemental Documentation - Frequently Asked Questions in connection with the Home Affordable Foreclosure Alternatives Program posted to date.
  • Supplemental Directive 09-09 Revised.  Download Now Last updated: March 26, 2010
  • Change Template: Supplemental Directive 09-09 Revised
    This document tracks changes made in Supplemental Directive 09-09 Revised. Download Now
  • HAFA Data Dictionary
    The catalogue of all data elements and associated metadata for the program, including the names, definitions, allowable values, and data types. It also defines the functional areas where the data elements are being used. Download Now Last updated: May 13, 2010

Borrower Documents

“Walking away” might not be the right decision. Talk to us, we understand the market and can help you make the best moves.

To avoid Foreclosure and Bankruptcy ... Contact a Short Sale HAFA Specialist.

Start With Trust!

Short Sales have become big business for real estate. The important factors are timing and results. Choose an agent you can trust. As a real estate agent, trust is very important. Porama Srijinda is one of a select few real estate agents. She is your trusted short sale agent. Her commitment to her customers needs, and the ability to deliver effective results for her clients have made her an outstanding agent.

Contact us.

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Any real estate agent can add your home to the MLS and cross their fingers. A successful short sale is a complex transaction that requires expertise in negotiating with lenders, educating buyers, out of the box marketing and protecting your financial interests. Most agents simply do not have the experience, ability and inclination to achieve a beneficial resolution for you. Although you are selling your home, the terms of this sale may be crucial to your financial future. Who you choose to list and sell your home matters! Let us apply our proven methods and uncommon commitment to clients, to your sale. Choose with confidence. Choose us for your short sale solution.

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Porama SrijindaPorama Srijinda, MBA
Broker Associate, REALTOR®,