Foreclosure Hickory NC
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How to Apply for HAFA and Who Qualifies
HAFA is the acronym for the Home Affordable Foreclosure Alternatives Program. This program was initially launched by the Treasury Department on 14th May 2009 and consists of guidelines and forms that make a total of 43 pages. The HAFA program is intended to assist homeowners, referred to as borrowers in the document, faced with an imminent loss of their homes thanks to the Home Affordable Modification Program (HAMP). Simply put, the HAFA program is meant to make the use of the deed-in-lieu of foreclosure and short sale instruments easier and more straightforward.
To prevent foreclosure using the HAFA program, borrowers are required to either complete a deed-in-lieu of foreclosure i.e. DIL, or alternatively complete a short sale. The HAFA program forms that were released on 30th November 2009 are not applicable to persons whose loans are guaranteed or owned by Freddie Mac or Fannie Mae. These two institutions will issue their own HAFA program forms and updates - details of which can be checked for via www.realtor.org/shortsales . Borrowers who had obtained VA or FHA loans cannot use the HAFA program.
1 The Finer Aspects of the HAFA Program
2 Eligibility for the HAFA Program
Before a borrower can apply for the HAFA program he or she must have fulfilled the basic HAMP criteria, i.e:
3 The Loan Evaluations Steps to Ascertain HAFA Program Candidacy