HAFA- Home Affordable Foreclosure Alternatives

Many people are unable or unqualified to modify their loans and instead turn towards avoiding the negative effects of foreclosure. The Home Affordable Foreclosure Alternatives (HAFA) Program offers homeowners, their mortgage servicers, and investors an incentive for completing a short sale or deed-in-lieu of foreclosure. With these options, under HAFA, a homeowner leaves their home to transition to more affordable housing and alleviate the mortgage debt they owe.

These options are available for most upside down homeowners including those who:

  • do not qualify for a trial mortgage modification under the Making Home Affordable Program;
  • do not successfully complete the trial period for their modification;
  • miss at least two consecutive payments during their modification period; or
  • request a short sale or deed-in-lieu of foreclosure.