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HAFA: FAQ’s

How does the HAFA Short Sale work?
In a Short Sale, the homeowner sells the property for less than the full amount due on the
mortgage. When a homeowner qualifies for the HAFA Short Sale, the servicer approves the Short
Sale terms prior to listing the home and then accepts the payoff in full satisfaction of the mortgage.

How can I be considered for HAFA?
Homeowners must be evaluated for HAFA within 30 calendar days of the following:

  • The borrower does not qualify for HAMP.
  • The borrower does not successfully complete a HAMP Trial Period
  • The borrower is delinquent on a HAMP modification.
  • The borrower requests a short sale or Deed-in-Lieu of Foreclosure.

However, before evaluating a homeowner for HAFA, a participating servicer must first consider that
homeowner for other loan modification or retention programs that they offer. In addition, pursuant to
the servicer’s policies, every eligible homeowner must be considered for HAFA by a participating
servicer before the homeowner’s loan is referred to foreclosure and before the servicer may allow a
pending foreclosure sale to continue.