Home Affordable Foreclosure Alternatives Program
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:
do not qualify for a Trial Period Plan
do not successfully complete a Trial Period Plan
miss at least two consecutive payment during a HAMP modification
request a short sale or deed-in-lieu
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 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.
Guide to Nevada’s Foreclosure Mediation Program
The State of Nevada is still one of the country’s hotbeds of foreclosure. Recently, legislation has been passed to address the crisis and in a solid effort to help keep Nevadans in their homes. Assembly Bill 149 was passed by the Nevada legislature during the 2009 session and signed by Governor Jim Gibbons, and establishes a Foreclosure Mediation Program for homes that are subject to foreclosure notices – formally known as a Notice of Default (or Breach) and Election to Sell – filed on or after July 1, 2009. To qualify for the program, a property must be a homeowner’s primary residence and located in Nevada.
Below are key highlights of the Foreclosure Mediation Program. We have included a link to the website here for more in-depth discussion of the program, access to forms, FAQs and other resources.
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