hafa hafa

What is HAFA?

The Home Affordable Foreclosure Alternatives (HAFA) Program is a government-sponsored initiative overseen by the US Treasury Department assisting all Home Affordable Modification Program (HAMP)-eligible homeowners in avoiding foreclosure, specifically through short sales or deeds-in-lieu of foreclosure.HAFA was announced on November 30, 2009 in a HAMP Update titled Introducing the Home Affordable Foreclosure Alternatives Program.2

HAFA directs lenders to assist eligible homeowners in quickly and effectively implementing short sales or deeds-in-lieu by providing financial incentives to lenders that carry out foreclosure alternatives through the program's guidelines set forth in Supplemental Directive 10-18 Revised (most recently revised November 1, 2012 by Supplemental Directive 12-07). The program was introduced in part with the intent to remove the stigma from short sales and help keep communities from being destroyed by foreclosure.

On June 1, 2010 Fannie Mae and Freddie Mac announced full support of HAFA for loans owned or guaranteed through them. On November 1, 2012, Fannie and Freddie initiated the HAFA II/Standard Short Sale Program that shares the US Treasury HAFA Program's projected expiration date of December 31, 2013. Although Freddie and Fannie HAFA II is a different program than the Treasury's, it shares in its use of standardized timelines for executing a short sale transaction.

Not a CDPE? Find out more about earning the designation, becoming a member, and serving troubled homeowners in your community.

If you're a homeowner looking for answers, or would like to determine if you qualify for HAFA, find a CDPE near you.


Last updated: 4 February 2013