The Home Affordable Foreclosure Alternatives
(HAFA) Program includes two options:


Short Sale

In a short sale, the servicer allows the homeowner to list and sell the mortgaged property and agrees to accept the net proceeds from the sale even if the proceeds are less than the total amount due on the mortgage.


Deed-in-Lieu of Foreclosure

Servicers may also offer to accept a deed-in-lieu of foreclosure through which a homeowner voluntarily transfers ownership of the property to their servicer. Many servicers require homeowners to try to sell their home before they will accept a deed-in-lieu.

Eligibility Criteria

HAFA is available for homeowners who have a verifiable financial hardship and:

• Do not qualify for a mortgage modification under the Making Home Affordable Program;

• Do not successfully complete the trial period for their modification;

• Miss at least two consecutive payments once in a permanent modification; or

• Request a short sale or deed-in-lieu of foreclosure.

Contact Fair Deal Real Estate & Mortgage for more information about your eligibility.

If you are 62 years of age or older and you have equity in your home, a reverse mortgage may allow you to safely turn your equity into cash, monthly income, or a line of credit. Unlike a traditional mortgage, your are not required to make any monthly mortgage payments, and the proceeds are tax-free*. Best of all, you retain ownership of your home and can live there for as long as you choose.

For more information please contact any of our agents.

*Consult your tax professional to determine the tax effect of a reverse mortgage.