A short sale expedited by an experienced Realtor can help avoid the embarassment of foreclosure and allow you to get on with your life with less impact on your credit record.

Avoid Foreclosure with a Short Sale... Get On With Your Life!  
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Receive $3000 Relocation Assistance.
The Federal HAFA Program. 

Lenders will pay you $3000 at the close to assist you in relocating if you cooperate in the Short Sale and assist in keeping the home value up while it is on the market.

Mortgages  backed by Fannie Mae or Freddie Mac (most are) are a part of the Federal Home Affordable Foreclosure Alternatives (HAFA) program. HAFA offers $3000 to help with relocation expenses upon a successful short sale. Today almost all the major lenders are offering this $3000 incentive, whether the loan is part of the HAFA program or not.

The HAFA program was developed to help you in a short sale of your home and to help settle your mortgage debt when you owe more than your house is worth.

Like most government programs, HAFA requires some careful paperwork to avoid rejection. An experienced Short Sale Realtor will be able to help you through the HAFA application process.

Three major advantages of HAFA are:

  1. The foreclosure process is temporarily halted, giving you the breathing room to work with your Realtor in selling the home and negotiating with your lender. 
  2. It includes a Deficiency Waiver. They waive their right to collect the difference between the amount you owe on the mortgage and the amount resulting from the sale of your home. 
  3. You can be eligible to receive $3000 in financial assistance at the closing, to help you with relocation. 

To be eligible for the HAFA program the property must be your current principal residence, OR the property has been vacant or rented out for less than 12 months, and you have not bought another principal residence during that time, and...

  • The amount you owe on your first mortgage for your property is less than: 
    • $729,750 for 1 unit 
    • $934,200 for 2 units 
    • $1,129,250 for 3 units 
    • $1,403,400 for 4 units 
  • You owe more on your home than it’s worth. 
  • Your current mortgage was taken out on or before January 1, 2009. 
  • You are experiencing a hardship such as a job loss, divorce or medical emergency and are unable to afford your current home loan. (See Do We Qualify for a Short Sale)

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