SHORT SALE
Home Affordable Foreclosure Alternatives Program (HAFA)
HAFA® provides homeowners the opportunity to exit their homes and be relieved of their remaining mortgage debt through a short sale or a deed-in-lieu of foreclosure (DIL). It also provides homeowners with $10,000 in relocation assistance.
HAFA® provides homeowners the opportunity to exit their homes and be relieved of their remaining mortgage debt through a short sale or a deed-in-lieu of foreclosure (DIL). It also provides homeowners with $10,000 in relocation assistance.
Application Deadline: December 31, 2016
FEATURES AND BENEFITS
• Through HAFA, you can get help with your primary residence or rental property.
• If a HAFA short sale doesn’t work, you may be able to give the title back to your mortgage company in a HAFA deed-in-lieu of foreclosure (DIL).
• Once you complete a HAFA short sale or DIL, there is a waiver of deficiency, meaning you are released from any remaining mortgage debt.
• HAFA offers $10,000 in relocation assistance for you or your tenant.
• In some cases, HAFA has a less negative effect on your credit score than a foreclosure, which allows for a faster financial recovery.
• If a HAFA short sale doesn’t work, you may be able to give the title back to your mortgage company in a HAFA deed-in-lieu of foreclosure (DIL).
• Once you complete a HAFA short sale or DIL, there is a waiver of deficiency, meaning you are released from any remaining mortgage debt.
• HAFA offers $10,000 in relocation assistance for you or your tenant.
• In some cases, HAFA has a less negative effect on your credit score than a foreclosure, which allows for a faster financial recovery.
ELIGIBILITY
You may be eligible for HAFA if you meet the following basic criteria:
• You are struggling to make your mortgage payments due to financial hardship.
• You are delinquent or in danger of falling behind on your mortgage.
• You obtained your mortgage on or before January 1, 2009.
• Your property has not been condemned.
• You owe up to $729,750 on your primary residence or one-to-four unit rental property (loan limits are higher for two- to four-unit properties).
• You are struggling to make your mortgage payments due to financial hardship.
• You are delinquent or in danger of falling behind on your mortgage.
• You obtained your mortgage on or before January 1, 2009.
• Your property has not been condemned.
• You owe up to $729,750 on your primary residence or one-to-four unit rental property (loan limits are higher for two- to four-unit properties).
AVAILABILITY
Mortgage companies nationwide—including Bank of America, CitiMortgage, JPMorgan Chase, and Wells Fargo—participate in Making Home Affordable (MHA) programs. See if your mortgage company is participating by contacting 954-696-2732. If not, or you are not eligible for MHA, ask your mortgage company about other options available to you.
