Who Qualifies for HAFA?

Most homeowners facing financial hardship are eligible. As a rule, if a homeowner is eligible for HAMP but cannot pay the mortgage, then he or she is eligible for an assisted short sale through HAFA. However. Servicers must consider possible HAMP eligible borrowers for HAFA within 30 calendar days if the borrower has met one or more of the following criteria:

• Does not qualify for a HAMP Trial Period Plan
• Does not successfully complete a HAMP Trial Period Plan
• Is delinquent on a HAMP modification by missing at least two consecutive payments
• Requests a short sale or deeds-in-lieu of foreclosure

For a loan to qualify, it must meet the following criteria:

• The property is the borrower's principal residence
• The mortgage loan is a first lien mortgage originated on or before January 1, 2009
• The mortgage is delinquent or default is reasonably foreseeable
• The current unpaid principal balance is equal to or less than $729,750
• The borrower's total monthly mortgage payment exceeds 31 percent of the borrower's gross income (as defined in HAMP Supplemental Directive 09-013)

Source: Distressed Property Institute, LLC

If you'd like Kevin Nakano to verify if you are eligible for HAFA, please complete this online survey, click here. 

If you'd like to discuss your scenario with Kevin Nakano, CDPE, please complete the online form and Kevin Nakano will follow up with you within one business day.

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