Government Programs Help You Avoid Foreclosure and Put Money in Your Pocket
Both of the Home Affordable Foreclosure Alternative (HAFA) options, short sale and deed-in-lieu, help you avoid the pain and additional damage to your credit that is associated with foreclosure, and help you receive money to put towards your relocation expenses.
Benefits of HAFA
HAFA helps us provide you with favorable benefits with either foreclosure avoidance option that you choose, including:
- Receiving free advice from HUD-approved housing counselors and licensed real estate professionals. For HUD-approved counseling call 1.800.569.4287.
- Assisting you in determining an acceptable sale price.
- Receiving a less negative effect on your credit score than with a foreclosure or conventional short sale.
- Providing you with cash for relocation assistance.
Are You Eligible?
You may be eligible for HAFA if you:
- Can document your financial hardship.
- Have not purchased a new house within the last 12 months.
- Have a first mortgage that is less than $729,750.
- Obtained your mortgage on or before January 1, 2009.
- Have not been convicted within the last 10 years of felony larceny, theft, fraud, forgery, money laundering or tax evasion in connection with a mortgage or real estate transaction.
*Eligibility criteria are for guidance only.
Please note that until you are approved for an option under the HAFA Program, our collection efforts will continue. This could include foreclosure. The sooner you contact us, the sooner we can start the process of foreclosure avoidance.