Making home affordable-home affordable foreclosure alternatives program, home affordable foreclosure alternatives program (HAFA), home affordable foreclosure alternatives about 750,000 homes are under trial modification of HAMP. But only a small percentage of this could receive permanent change. Short Sells and deed in lieu option of countering foreclosure were available but the cumbersome paperwork and long period of wait for approval which is detrimental to its success. A program that will complement and increase the scope of the current HAMP called the home affordable foreclosure alternatives program (HAFA) is launched. Powered with cash incentives for all and driven by the same objective of helping homeowners avoid foreclosure it offers streamlined and simplified procedure for Short Sell and deed in lieu as viable options. The program gives alternative and basic tone does not change which means one has to meet the eligibility requirements. Western Union pursues this goal as well. This article aims to give HAFA overview to readers looking for help in avoiding foreclosure using this alternative program. The program: The home affordable foreclosure alternatives program (HAFA) is valid from 05 April 2010 through to December 2012.
The alternatives are available to those who: failed to qualify for HAMP trial. Missed two consecutive payments. Failed on the modified terms and., requested for the alternative of Short Sell or deed in lieu. This therefore means that one has to meet the basic criteria set in the modification program to become eligible for this option. Cash incentives are offered to servicers, investors and borrowers who participate. The program allows stressed homeowners to short sell the house or if that is not possible use deed in lieu option.
The hardship and income information submitted for HAMP are not required to be re-submitted and it gives a pre-approved short sales to the borrower. The property then gets listed for sale. Freddie Mac is of well-appointed as the compliance agency and this program will work in support of the home affordable modification program (HAMP).