HAFA (Home Affordable Foreclosure Alternatives) Program Part 5

HAFA (Home Affordable Foreclosure Alternatives) Program.  Part 5   How to Apply?

If you feel that you may be qualified for this government program, or if you want to learn if you are qualified, feel free to contact us for clarification.  We will need some information from you to make the determination.

Since loans owned or guaranteed by Fannie Mae or Freddie Mac are excluded from HAFA, it would be prudent to determine if your loan falls into one of those two categories.  Select the links provided for each.  Remember that HAFA only applies to the first trust deed.  Seconds or HELOCs do not qualify. 

Most major loan servicers have indicated that they will participate in HAFA.  If your loan servicer is not one of the major players you can select this link http://makinghomeaffordable.gov/contact_servicer.html  and enter your loan servicer’s name to see if they are, in fact, participating.

Once you feel confident that you will qualify you should contact your lender and advise them of you interest in participating in HAFA.  As an alternative, you may contact us and we will provide you with the necessary forms and assistance in completing those forms.

The Treasury Department advises that participating lenders should be preemptively contacting their distressed homeowners or, at the very least, responding to requests from homeowners; providing a short sale agreement with an outline of the terms and conditions under which a short sale will be approved. Program guidelines expect this notification to take place within 30 days; however, we expect a slower response considering the large volume of loans in default.

Feel free to contact us if you have any questions or if you need assistance.  We do no charge for our help. 

(916) 337-0658