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Short Sale FAQ
HAFA
FAQ
(Home Affordable Foreclosure Alternative)
Utah Foreclosure
Laws
Experts in Getting
Short Sales Closed
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Short Sale Help, Short Sale FAQ, Utah Short Sale, HAFA, HAMP, HAFA FAQ, HAFA
Participating Lenders, Short Sales, Short Sale in Utah, Stop foreclosure, preforeclosure
assistance, Short Sale FAQ, Utah Foreclosure Laws, Foreclosure in Utah, ,avoid foreclosure
utah, foreclosure help, short sale
assistance
The federal government’s Home
Affordable Foreclosure Alternatives (HAFA ) program was designed for homeowners
who:
• are unable to afford their first mortgage,
• want to avoid foreclosure, and
• have exhausted all modification attempts and continuing to own their property is not an option.
The federal government specifies many of the aspects of the program such
as:
• customer qualification requirements,
• the process used by the servicer, and
• decision timeframes.
The program offers financial incentives to servicers and borrowers who successfully
complete a HAFA Short Sale or Deed-in-Lieu of Foreclosure.
Additional benefits of HAFA for the customer include:
• a lender recommended
list price PRIOR TO listing the home, and
• waived deficiency — meaning that the mortgage debt will be settled through the program and
no legal action can be taken on/against the outstanding mortgage debt.
We are Utah Short Sale experts! If you or anyone you know is facing
a financial hardship please give us a call! 801-347-3384
On June 1st, Fannie Mae and Freddie Mac announced their own versions of HAFA which went in to
effect on August 1st. Fannie Mae HAFA and HARP
Note: To date, FHA, VA and Ginnie Mae loans are not yet covered by a HAFA-type program
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