4. Home Affordable Foreclosure Alternatives (HAFA) Program

4. Home Affordable Foreclosure Alternatives (HAFA) Program For those who are unable to make mortgage payments on time, the Home Affordable Foreclosure Alternatives (HAFA) Program exists to help them transition to more affordable living arrangements without going through a foreclosure. It’s not as great as it sounds, though; participating in HAFA means losing your home, but through a short sale or deed in lieu. Even so, these are better options than foreclosure, and the HAFA program provides a number of really helpful benefits. For instance, homeowners who sell their property through a HAFA short sale are not responsible for the remaining mortgage deb. Additionally, HAFA may provide $3,000 in relocation assistance. HAFA Eligibility According to the Making Home Affordable site, you may qualify for the Home Affordable Foreclosure Alternatives Program if: Your financial hardship can be documents. You haven’t purchased a new home within the last year. Your first mortgage is less than $729,750 and was obtained on or before January 1, 2009. You haven’t been convicted of real estate-related felony larceny, theft, fraud, forgery, money laundering or tax evasion in the past 10 years.