HAFA is the Home Affordable Foreclosure Alternatives Program.
On November 30, 2009, the Treasury Dept released guidelines and forms for its new HAFA program. HAFA is part of the Home Affordable Modification Program (HAMP). HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure used to avoid foreclosure on a loan eligible for modification under the HAMP program. Servicers participating in HAMP are also required to comply with HAFA. A list of servicers participating in HAMP is available by clicking here.
To see more on HAFA, watch the informative video below:
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