Do I qualify for the government HAFA (Short Sale) Program?

What is HAFA?

Home Affordable Foreclosure Alternatives program (HAFA) is a government-sponsored initiative assisting all Home Affordable Modification Program (HAMP) eligible homeowners in avoiding foreclosure, specifically through short sales and or deeds-in-lieu of foreclosure.

Do I Qualify for HAFA?

If you qualify for HAMP and your lender is a HAMP participant, then your lender must consider you for HAFA if you request consideration. HAMP qualifications below:

• Property must be borrower's principal residence
• First lien mortgage originated on or before January 1, 2009
• Loan is delinquent or default is reasonably foreseeable
• Unpaid principal balance is equal to or less than $729,750
• Total monthly mortgage payment (PITI) exceeds 31 percent of the total household gross income
• The mortgage is not owned or guaranteed by Fannie Mae or Freddie Mac

Benefits of HAFA?

• Standardizes processes, documents and timeframes
• Financial incentives to borrowers, servicers and investors
• Requires that borrowers be fully released from future liability for the debt
• Uses information and documents supplied through HAMP
• Allows the borrower to receive pre-approved short sale terms prior to the property listing

What if I don't qualify for HAFA?

You can still pursue a traditional short sale even if you don't qualify for the HAMP/HAFA programs.

Considerations?

You should consult with a qualified real estate professional to help you navigate through the HAFA process. As a Certified Distressed Property Expert (CDPE Designation), I've received a lot of training, information and ongoing continuing education.

More Information?

If you would like assistance in navigating the HAFA process, please call Kevin Nakano at 800-477-0075 or complete an online short sale prequalification form at www.NakanoRealty.com.