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Home Affordable Foreclosure Alternatives Program: Overview
The Home Affordable Foreclosure Alternatives (HAFA) Program provides additional options to avoid costly foreclosures and offers incentives to borrowers, servicers and investors who utilize a short sale or deed-in-lieu (DIL) to avoid foreclosures. HAFA alternatives are available to all HAMP-eligible borrowers who: 1) do not qualify for a Trial Period Plan; 2) do not successfully complete a Trial Period Plan; 3) miss at least two consecutive payment during a HAMP modification; or, 4) request a short sale or DIL.
In a short sale, the servicer allows the borrower to list and sell the mortgaged property with the understanding that the net proceeds from the sale may be less than the total amount due on the first mortgage. Generally, if the borrower makes a good faith effort to sell the property but is not successful, a servicer may consider a DIL. With a DIL, the borrower voluntarily transfers ownership of the property to the servicer - provided the title is free and clear of mortgages, liens and encumbrances. With either the HAFA short sale or DIL, the servicer may not require a cash contribution or promissory note from the borrower and must forfeit the ability to pursue a deficiency judgment against the borrower.
HAFA simplifies and streamlines the short sale and DIL process by providing a standard process flow, minimum performance timeframes and standard documentation.
The guidelines for HAFA are detailed further in the documents listed below.
In a short sale, the servicer allows the borrower to list and sell the mortgaged property with the understanding that the net proceeds from the sale may be less than the total amount due on the first mortgage. Generally, if the borrower makes a good faith effort to sell the property but is not successful, a servicer may consider a DIL. With a DIL, the borrower voluntarily transfers ownership of the property to the servicer - provided the title is free and clear of mortgages, liens and encumbrances. With either the HAFA short sale or DIL, the servicer may not require a cash contribution or promissory note from the borrower and must forfeit the ability to pursue a deficiency judgment against the borrower.
HAFA simplifies and streamlines the short sale and DIL process by providing a standard process flow, minimum performance timeframes and standard documentation.
The guidelines for HAFA are detailed further in the documents listed below.
- MHA Request for Mortgage Assistance (RMA) - English
MHA Request for Mortgage Assistance (RMA) - Spanish Servicers should use this form or their own form that is substantially similar in content to the RMA. (Last Updated: October 26, 2011 )- Home Affordable Modification Program Hardship Affidavit - English
Home Affordable Modification Program Hardship Affidavit - Spanish Servicers should use this document if the Request for Mortgage Assistance is not used. Servicers may also incorporate all of the information in this stand alone affidavit into their own form. (Last Updated: November 15, 2011 )- Dodd-Frank Certification - English
Dodd-Frank Certification - Spanish To the extent servicers are not using the Request for Mortgage Assistance or Hardship Affidavit (each of which incorporates the certification under the Dodd-Frank Act), servicers must use this form to obtain certification from each borrower in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). (Last Updated: October 26, 2011 )- MHA Third Party Authorization Form
Borrowers may use, and servicers, subject to applicable law, must accept, the form to provide third-party authorizations to discuss borrowers' personal information, including authorizations for state Housing Finance Agencies with respect to the HFA Hardest-Hit Fund.- Short Sale Agreement
(Last Updated: September 7, 2011 )- Request for Approval of Short Sale
(Last Updated: March 26, 2010 )- Alternative Request for Approval of Short Sale
(Last Updated: September 7, 2011 )- Alternative Request for Approval of Short Sale (Non-Profit Purchaser)
(Last Updated: September 7, 2011 )- Deed-in-lieu of Foreclosure Agreement
(Last Updated: March 26, 2010 )