What is HAFA?

To learn if you’re eligible for a HAFA short sale, Contact Vickie Nagy by e-mail! or call (925) 407-7987 to request your free, no-obligation consultation today!

Vickie Nagy concentrates on helping sellers reach a successful short sale in San Ramon CA, Dublin CA, Danville CA and Pleasanton CA.

What the Heck is Home Affordable Foreclosure Alternatives (HAFA)? is a question that I am often asked.

Basically, after home retention options have been explored , most notably through Home Affordable Modification Program (HAMP), the Home Affordable Foreclosure Alternatives (HAFA) provides standard processes, documents and timelines along with incentive to servicers, borrowers and investors to enable short sales and deeds-in-lieu of foreclosure.

This program is effective through December 31, 2012 and requires that all HAMP eligible borrowers who were unagle to complete HAMP be considered for HAFA options before foreclosure.

Some of the basic eligibility requirements are similar to those for HAMP:

  • The property is the borrower’s principal residence
  • The mortgage loan is a first lien mortgage originated on or before January 1, 2009
  • The mortgage is delinquent or default is reasonable forseeable
  • The current unpaid principal balance is equal to or less than $729,750 for a one-unit property
  • The borrower’s total monthly mortgage payment* exceeds 31% of the borrower’s gross income

There must be a documented hardship. A benefit for borrower’s is that the program requires borrowers to be fully released from future liability for the first mortgage debt, and if the subordinate line holder receives a payment from the first lien holder to enable the transaction, that debt as well. No cash contribution, promissory note or deficiency judgement is allowed.

If you’d like to know more about the Home Affordable Foreclosure Alternatives (HAFA) program and how to participate, Contact Vickie Nagy by e-mail! or call (925) 407-7987 to request your free, no-obligation consultation today!

Vickie Nagy concentrates on helping borrowers sell short and reach a successful short sale in San Ramon CA, Dublin CA, Danville CA and Pleasanton CA.

Logos 300x86 What is HAFA?

Vickie Nagy is HAFA Certified, a CDPE Certified Distressed Property Expert and PSC Pre-Foreclosure Specialist Certified.

BMC Real Estate | 4115 Blackhawk Plaza Cir, Suite 100 | Danville, CA 94506

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