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I keep hearing about HAFA, what is that?

April 26, 2017hafa hearing

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I keep hearing about HAFA, what is that?

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HAFA stands for Home Affordable Foreclosure Alternatives program. It is a standardized program which most large lenders and some smaller ones have agreed to honor. It sets out specific guidelines and timelines to qualify homeowners and respond to offers and terms.The Original HAFA Short Sale program applied only to non GSE lenders, meaning those who did not resell their loans to either FannieMae or FreddieMac. As of August 1, 2010, both Fannie and Freddie have implimented their own versions of the HAFA Short Sale program, so now most homeowners should be able to take advantage of one of the HAFA Short Sale programs. It is important to note that all of the HAFA Short Sale programs are due to expire on Decembe 31, 2012.