• Requirements for qualifying for the HAFA incentive program.

    *91% of people who didn't qualify before for the HAFA program now are eligible for it. *

    • A borrower's reason for relocation no longer needs to be connected to employment nor be of a certain distance from the property. Borrowers may have moved up to 12 months before certain dates in the HAFA process but may not have purchased another home.
    • Servicers are not required to determine if the borrower's total monthly mortgage payment exceeds 31% of gross income. Borrowers will still be required to show a hardship.
    • Servicers are now required to communicate approval, disapproval, or a counter offer no later than 30 calendar days after receiving an (i) executed sales contract, (ii) Alternative Request for Approval of Short Sale, and (iii) a signed Hardship Affidavit.
    • If an unsolicited borrower requests HAFA, the servicer has 30 calendar days to determine the borrower's eligibility and, if eligible, send the borrower the Short Sale Agreement.
    • HAFA will no longer impose a 6% cap on payments to each subordinate mortgage/lien holder. The $6,000 aggregate limit is still in effect.
    • The benefits of HAFA for the Seller continue to be:
    • No deficiency judgment
    • No seller contribution or promissory note
    • $3,000 relocation payment to seller

    For More Information Please Complete the Form on This Page.