What is a HAFA Short Sale?
Home Affordable Foreclosure Alternatives (HAFA) includes short sale and deed‐in‐lieu of foreclosure (DIL).
Who is eligible for a HAFA Short Sale?
A homeowner with an unaffordable mortgage; a homeowner who doesn’t qualify for a loan modification; a modification that defaults; or a homeowner that has moved out of the property that needs to sell.
Why choose a HAFA Short Sale?
A HAFA short sale freezes a foreclosure allowing a homeowner an opportunity to sell their home and take advantage of the $3,000 relocation assistance. Homeowners are released from personal liability related to their mortgage debt and any deficiency relating to the mortgage debt is forgiven.
When to apply for a HAFA Short Sale?
A homeowner is eligible to participate in HAFA if they have a financial hardship. A financial hardship is defined as reduced income; increased expenses; excessive debt; insufficient cash reserves. A predetermined hardship is defined as 90 + days delinquent on a mortgage loan and a credit score of less than 620.
Where to get help for a HAFA Short Sale?
Contact the Dunne Law Offices for assistance with a HAFA Short Sale.