Dealing With Delinquency

The Home Affordable Foreclosure Alternative program (HAFA).

HAFA was introduced in 2010, to slow the growing wave of foreclosure by making the short sale process more streamlined, and by offering cash incentives to both homeowners and lenders for completing a short sale.

Cash incentives through HAFA.

HAFA pays a cash incentive towards relocation costs to the occupant (homeowner or tenant) of $3,000. It also pays the loan servicer an incentive of $1,500, and provides up to $8,500 to settle junior liens.

A graceful exit, with no debts outstanding after your short sale.

The most important part of the HAFA program is that none your lenders may pursue you for any deficiency balance after the short sale. The seller exits clean, with no further debts associated with that home.