HAFA Short Sale Program

Sponsored by the US Treasury Dept., the HAFA program is designed to streamline the short sale process and offers financial incentives to both homeowners and mortgage banks to encourage this type of resolution versus foreclosure.Mortgage Banks are required to release the Homeowner from current and future mortgage debt liability.The purpose of the HAFA program is to help reduce the rate of foreclosures, as short sales have been shown to reduce the financial loss to the banks. And, short sale properties are rarely left vacant and neglected, thus reducing the chance of vandalism and deterioration that often becomes foreclosure properties. Mortgage Banks are required to release the Homeowner from current and future mortgage debt liability and cannot seek a deficiency judgment or require homeowner to sign a promissory note for any unpaid balance. Apply here