What does HAFA mean?
How does the HAFA program work?
HAFA is the Home Affordable Foreclosure Alternative program, which is part of the Making Home Affordable program. Making Home Affordable was first introduced in 2009 by the US government in an effort to alleviate foreclosures and help homeowners retain their properties. Initially there were to programs knows as the HAFA, HARP and HAMP.
The HAFA program simplifies and streamlines the use of short sales options. The program provides incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification under the HAMP program.
Full terms & conditions can be found at: http://www.makinghomeaffordable.gov/programs/exit-gracefully/Pages/hafa.aspx
Home Affordable Foreclosure Alternatives Program (HAFA)
In 2009, the Treasury Department introduced the HAFA program to provide a viable option for homeowners who are unable to keep their homes. The program’s goal is to provide alternatitives to forecloure
Home Affordable Foreclosure Alternatives is what the letters HAFA stands for. For a complete understanding of this short sale program see HAFA Short Sale.