HAFA Program Offers Relocation Incentive And No Deficiency Judgment!

The Home Affordable Foreclosure Alternative (HAFA) is a government sponsored program with up to a $3,000 relocation incentive to participate if qualified. The following are the main benefits to participating in the HAFA Program.

HAFA Incentives:
•    Up to $3,000 in moving assistance funds.
•    Lender can’t pursue a deficiency judgment against borrowers
•    Agent commission won’t be reduced from 6%

How do I qualify for HAFA?

Typically a borrower can apply to be reviewed for HAFA if they reside in the subject property or if they have lived there within the last year. Proof of residency will need to be provided to the servicer for HAFA review; for example, a utility bill showing the borrowers name and subject property dated within the past year. If a tenant resides in the property they should be the ones receiving the $3,000 relocation incentive if the property is successfully short sold through the HAFA program. The property will need to be occupied by the party who wants to receive the $3,000 relocation incentive. Depending on the investor guidelines participating may vary.

*Update*

HAFA has changed its guidelines to now offer up to $10,000 in funds to borrowers at the close of escrow through a HAFA Short sale.

For assistance in applying for HAFA, receiving a relocation incentive, and getting a short sale approved please fill out the form below.

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