What is the Home Affordable Foreclosure Alternatives Program?

The Home Affordable Foreclosure Alternatives Program (HAFA) is a federal program designed to provide homeowners in Nebraska with an alternative to traditional foreclosure proceedings. HAFA was created to give homeowners a more streamlined and predictable option to manage their delinquent mortgage payments. The program is managed by the Making Home Affordable Program, a federal effort designed to help homeowners avoid foreclosure. Under HAFA, homeowners may enter into a pre-negotiated short sale or deed-in-lieu of foreclosure with their lender. A short sale allows the homeowner to sell their property for less than the full amount due on the mortgage. The lender agrees to forgive the remaining balance due after the sale. A homeowner may also enter into a deed-in-lieu of foreclosure if they are unable to sell their home. In this arrangement, the homeowner voluntarily transfers the deed of their property to the lender in exchange for the debt being forgiven. Through HAFA, homeowners in Nebraska may be eligible to receive up to $10,000 in relocation assistance. In addition, the lender is prohibited from pursuing a deficiency judgment against the homeowner for any unpaid balance. This means that the homeowner will not be responsible for any remaining fines or fees associated with the loan. Overall, the Home Affordable Foreclosure Alternatives Program provides an important resource for homeowners who are struggling to stay in their homes. Through HAFA, homeowners in Nebraska may be able to receive up to $10,000 in relocation assistance and avoid a deficiency judgment. This program allows homeowners to better manage their delinquent mortgage payments and may even help them keep their homes.

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What is the Home Affordable Foreclosure Alternatives Program?

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