This Supplemental Directive provides guidance to servicers for adoption and implementation of the Home Affordable Foreclosure Alternatives Program (HAFA). HAFA is part of HAMP and provides financial incentives to servicers and borrowers who utilize a short sale or a deed-in-lieu to avoid a foreclosure on an eligible loan under HAMP. Both of these foreclosure alternatives reduce the need for potentially lengthy and expensive foreclosure proceedings. The options help preserve the condition and value of the property by minimizing the time a property is vacant and subject to vandalism and deterioration. In addition, these options generally provide a substantially better outcome than a foreclosure sale for borrowers, investors and communities.
CLICK HERE to see if your mortgage company is a participating HAMP service provider - once on this government website, click the link that says "show all servicers", or you may do an individual search for your mortgage service company.
If your mortgage company is listed here, they participate in the HAFA Foreclosure Alternatives program and this is good news for you. Please call us for more information - 1-888-590-7979
Please note that all servicers for Fannie Mae or Freddie Mac mortgages are required to participate in the Home Affordable Modification program (HAMP) and the HAFA Foreclosure Alternatives program.
More helpful information can be
found on these government websites:
CLICK HERE for Making Home Affordable home page.
CLICK HERE for Hope Now Alliance Website (*)
(*) Click the Hope Now link to get the HOPE hotline for free government help and assistance.