What in The Heck Is HAFA
What is HAFA?
The Home Affordable Foreclosure Alternatives (HAFA) Program is a government-sponsored initiative overseen by the US Treasury Department and administered by Fannie Mae assisting all Home Affordable Modification Program (HAMP)-eligible homeowners in avoiding foreclosure, specifically through Knoxville short sales or Knoxville deeds-in-lieu of foreclosure.1 HAFA was announced on November 30, 2009 in a HAMP Update titled Introducing the Home Affordable Foreclosure Alternatives Program
HAFA directs lenders to assist eligible homeowners in quickly and effectively implementing short sales or deeds-in-lieu by providing financial incentives to lenders that carry out foreclosure alternatives through the program’s guidelines set forth in Supplemental Directive 09-09 Revised (revised March 26, 2010).3 The program was introduced in part with the intent to remove the stigma from short sales and help keep communities from being destroyed through massive foreclosures. HAFA in its current state is only applicable to conventional-type, non-Governmental Serviced Enterprises (non-GSE) mortgages and therefore does not apply to loans owned or guaranteed by Fannie Mae or Freddie Mac.4 These organizations may have plans to release their own versions to help homeowners facing foreclosure.
If you are a Knoxville Homeowner facing foreclosure of Knoxville Area Home you do have options. You have to realize you do have options other than losing your home. The HAFA program isn’t perfect but it is step in the right direction. As a CDPE I have been trained to help homeowners facing foreclosure understand their options. If you are in trouble don’t lose your home to foreclosure. Need Help? Facing Foreclosure? Call Me I can help 865-675-8326 email Rick@TheBigOrangePress.com
If you are a Knoxville Homeowner facing foreclosure don’t trust your future to an untrained agent. It takes a train professional like myself with the CDPE designation to help guide a distressed homeowner through the short sale process. As a CDPE we are up to date on all the latest trends and changes that are going on in order to help homeowners who may be facing foreclosure. If you are a Knoxville homeowner having problems making you mortgage payments and want to know your options. Please feel free to download my free reports