Real Estate Insight

What is HAFA?
Home Affordable Foreclosure Alternative (HAFA).

What is HAFA for?
HAFA may help homeowners who do not qualify under the Home Affordable Modification Program (HAMP) to avoid foreclosure by doing a Short Sale or a deed-in-lieu of foreclosure.

The basic criteria for HAFA Eligibility:
1. Property must be borrors' principle residence.

2. It must be a first lien mortgage originated prior to January 1st, 2009.

3. The mortgage is delinquent or delinquency is reasonable foreseeable.

4. The unpaid principle balance is no more than $729,750 for a single-family residence.

5. Borrower's total montly mortgage payment exceeds 31 percent of their gross income.

For more information or assistance, please contact me.