When introduced, the Making Home Affordable Program focused on helping borrowers avoid foreclosure by enabling them to lower their payments.  The Home Affordable Modification Program (HAMP) and Home Affordable Refinance Program (HARP) were the key components of the Making Home Affordable Program.  HAMP and HARP remain in effect today.

The Home Affordable Foreclosure Alternatives Program (HAFA), later added to the Making Home Affordable Program, took effect in 2010.  HAFA assists borrowers who need to sell their home but can not pay off their mortgage debt in the process.  In other words, HAFA helps borrowers complete a short sale.

Whether or not you are eligible for one of these programs depends upon a variety of factors such as who services your loan (who you make your payments to), whether the home is owner-occupied, and how much you have in liquid assets.  Not all borrowers qualify, but many do.  For those that qualify, HAFA has many advantages, a few of which are listed below:

• Sellers receive $3,000 in relocation assistance
• Foreclosure is suspended while property is marketed, or closing is pending
• Sellers are released of all liability on primary mortgage loan and subordinate loans
• Sellers cannot be forced to sign other promissory notes to satisfy liens
• The short sale is pre-approved
• Specific time lines are set for approval, marketing, contract acceptance, and closing

It is impossible to explain all of HARP, HAMP, and HAFA on this page, but you may access a large amount of information at the links on my Short Sales page.

Of course, I would be more than happy to speak with you about HAFA or any other aspect of completing a short sale.  Going through all of the information online can be very difficult and time consuming.  I can probably save you some time and trouble if we talk first!