Freddie Mac Participates In HAFA

Most homeowner’s will want to participate in HAFA if they are eligible as it offers a cash incentive and assurance that they will not be pursued for their deficiency if a short sale is completed. It’s important to know that when the investor on the 1st lien is Freddie Mac (FHLMC) that the borrowers must be reviewed for HAFA eligibility BEFORE an offer is submitted to the lender.

What does this mean?

If the investor on the loan is Freddie Mac and the homeowner wants to participate in HAFA a short sale package without an offer must be submitted to the lender. Then one must have the lender determine HAFA eligibility and have the file opted into the HAFA program for review. Only after this can an offer be submitted. If an offer is submitted prior to the file being placed under HAFA review they will be unable to participate as Freddie Mac has strict guidelines. One can check if their loan is backed by Freddie Mac online here but it is not foolproof.

*Update as of 2013* Freddie Mac no longer participates in the standard HAFA program.

For assistance with working any Freddie Mac Loan and their current guidelines fill out the form below.

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