The HAFA program is a government program that was designed to help homeowners who are trapped in their homes because they owe more on their homes than what they can sell their homes for. The HAFA program is full of red tape but is worth the anguish and long wait times because you as the homeowner will be forgiven the debt of the difference between what you owe on your house and what you sell it to a real buyer for. 


The HAFA program benefits include: 

Full waiver of deficiency 

$3000 ( up to) to move out of your house

Paid less than owed – reported on credit report

HAFA is for the primary homeowner


The downfalls to HAFA are: 

Long long processing times- even though the HAFA directive says they are supposed to do the entire approval process in 21 days. Not true. Not in real life. 

You can lose your first buyer because of the long waiting time to hear about the HAFA approval. 

Most of the time, most lenders require you to be late on your mortgage payments before you can do a HAFA program. 

HAFA is ONLY for primary borrowers, this must be your residence. ( Investors do not qualify for HAFA.) 

HAFA will only allow a maximum of $6000 to your second lender. If your second lender does not agree then you can not do a HAFA program.