Explanation of Home Affordable Foreclosure Alternatives (HAFA) Program

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If you are looking for answers and solutions to your difficult situation, please fill out the form to the right. Certified Distressed Property Expert (CDPE) will contact you and set up a confidential meeting with you. Again our consultation is absolutely FREE and confidential. There is no obligation on your side. However, time is of the essence. Your options may be dwindling because of your inaction.
If your property is currently listed for sale by a real estate broker please disregard this offer.

 

Foreclosure is a devastating financial and emotional process for homeowners to go through, and in many cases they do so alone and without help of any kind. Many people do not understand that there might be better options out there. We at NextRE believe that in almost all cases the best person for a homeowner in distress to speak with is a Certified Distressed Property Expert (CDPE) that has the tools needed to help that homeowner find the best solution for their situation.

Top 5 Reasons Why You Should Avoid Foreclosure

1. You will always have to disclose a foreclosure on any future mortgage application.
    
2. Your credit scores will be lowered by up to 300 points affecting the ability to get a car, apartment, credit cards, etc.
    
3. A foreclosure is the one credit report item that is almost impossible to be “repaired”. It stays on your credit report for up to 10 years.
    
4. If your job requires a security clearance you could be at risk of demotion with foreclosure.
    
5. Many employers run credit checks on prospective employees and foreclosure is one of the top items that will put a potential new hire in jeopardy.

Please fill out the form above if you are looking for answers and solutions to your difficult situation. Certified Distressed Property Expert will contact you and set up a meeting with you. Our consultation is FREE and there is absolutely no obligation on your side. Time is of the essence. Your options may be dwindling because of your inaction.

Avoid Foreclosure: Know Your Options
Watch a video to learn more about the Making Home Affordable Program and other options your mortgage servicer may provide.

Frequently Asked Questions

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More Information about HAFA:

Beware of Foreclosure Rescue Scams - Help Is Free!

Look Up Your Loan

Many homeowners may feel that they can no longer afford their home, but want to avoid the negative effects of foreclosure. The Home Affordable Foreclosure Alternatives (HAFA) Program offers homeowners, their mortgage servicers, and investors an incentive for completing a short sale or deed-in-lieu of foreclosure. With these options, under HAFA, a homeowner leaves their home to transition to more affordable housing and alleviate the mortgage debt they owe.

These options are available for homeowners who: 1. do not qualify for a trial mortgage modification under the Making Home Affordable Program; 2. do not successfully complete the trial period for their modification; 3. miss at least two consecutive payments during their modification period; or 4. request a short sale or deed-in-lieu of foreclosure.

Short Sale

In a short sale, the servicer allows the homeowner to list and sell the mortgaged property with the understanding that the net proceeds from the sale may be less than the total amount due on the first mortgage. 

Deed-in-Lieu of Foreclosure

Generally, if the borrower makes a good faith effort to sell the property but is not successful, a servicer may consider a deed-in-lieu of foreclosure. With a deed-in-lieu, the borrower voluntarily transfers ownership of the property to the servicer— provided the title is free and clear of mortgages, liens, and encumbrances.

The HAFA Program streamlines both of these options to make them easier for a homeowner to work with their servicer. Under the program, a homeowner can receive $3,000 to help with relocation costs.

Mortgage servicers and investors write their own guidelines under the Federal requirements to determine how to implement the program. For more information about your options, you should contact your mortgage servicer. If you have questions about the program, or want guidance about how these options may impact your personal situation, you may wish to speak to a HUD-approved housing counselor for free.

Your Graceful Exit
Watch a video to learn more about the Home Affordable Foreclosure Alternatives Program.

Download a Brochure
Read more about the program.

Making Home Affordable and Other Options to Remain in Your Home

Mortgage servicers who participate in the Making Home Affordable Program are required to evaluate homeowners for a Home Affordable Modification before evaluating them for other options.  If you request a modification from your mortgage servicer, and are determined to be eligible, you will enter into a trial period plan.

If it is determined that you are not eligible for a Home Affordable Modification, your mortgage servicer will evaluate you for other alternatives they offer to keep you in your home, such as their own modification programs or a forbearance.

A HUD-approved housing counselor can work with you for free to help you understand your options.

Information Provided by Kristof Tabor - Broker of Record.
NextRE ∙ 415 Clifton Ave., Clifton, NJ 07011 ∙ Office Phone: 877-994-6398 ext. 714