HAFA Program Expired For Fannie Mae And Freddie Mac

The Fannie Mae and Freddie Mac Home Affordable Foreclosure Alternative Program (HAFA Program) will expire on December 31, 2012. This will affect many homeowners as Freddie Mac and Fannie Mae are two of the largest investors in the industry. If your loan is with one of these investors the chance of a cash relocation incentive on a short sale just got much slimmer. Some potential alternatives if applicable would be a Chase incentive, cash for keys, or the Co-opeartive Short Sale Program through Bank Of America. In addition to the incentive a potentially greater concern would be the  HAFA short sale benefit of not being pursued for the deficiency of the loan balance if a short sale is completed. Depending on what the state guidelines are in to deficiency judgments and short sales this may not affect a borrower. This is important information to consider as the HAFA program is typically the go to program for borrowers looking to short sale their property.

For any questions or assistance with a short sale please fill out the form below.

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