On April 5, 2010, the U.S. government will implement the Home Affordable Foreclosure Alternatives Program (HAFA). Part of the Home Affordable Modification Program (HAMP), HAFA helps home owners who are unable to retain their home under HAMP by simplifying and streamlining the use of short sales and deeds-in-lieu of foreclosures. Home owners must meet certain requirements to participate, and incentive payments are provided to home owners and servicers.
To help you better understand HAFA and its guidelines, The National Association of Realtors has released a brochure about the Home Affordable Foreclosure Alternatives Program.
You can see a text version of this brochure here.
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