script type="application/ld+json"> { "@context": "", "@type": "Product", "name": "Delancey Street", "aggregateRating": { "@type": "AggregateRating", "ratingValue": "5", "reviewCount": "10" } } What Does Hafa Stand For | Delancey Street


What the Heck is HAFA? The 411 on This Home Loan Headache

Facing foreclosure? Yeah, that’s rough – but we’re here to spell out the deal on an option that could help: the “HAFA” program.

Listen close, because this one’s a doozy: HAFA stands for Home Affordable Foreclosure Alternatives. Rolls right off the tongue, doesn’t it?

The HAFA Rundown: Dodging the Bullet of Foreclosure

Here’s the sitch: HAFA is a federal program from 2009 – part of the whole Making Home Affordable enchilada – designed to give homeowners an out when they can’t make those pesky mortgage payments.

Instead of banks throwing folks out on their keisters through foreclosure, HAFA lets borrowers:

  • Do a short sale – Selling the home for less than what’s owed on the mortgage. Bye, house – hello, hitting reset.
  • Get a deed-in-lieu of foreclosure – Just handing over the keys, with the bank’s blessing, and walking away. No harm, no foreclosure on your record.

The clincher? If you play by HAFA’s rules, your lender agrees to eat the remaining mortgage debt after the short sale or deed-in-lieu. Talk about a sweet deal, right? You avoid foreclosure’s beating to your credit score.

But Here’s the Rub with HAFA…

The program’s set to end any day now – as in, it already freakin’ expired on December 31, 2016! But don’t panic just yet:

Most major lenders are still honoring HAFA for old loans. Why? Cause these big boys agreed to the HAFA guidelines by taking bailout money from Uncle Sam.

So, what do you do, if you get hit – with one of these mortgages gone rogue? Hunt for a lawyer, and fast. They’ll know the moves to keep your lender in line and MAKE them consider HAFA or another foreclosure alt.

Bottom line: HAFA was a program that gave struggling homeowners an escape hatch from the jaws of foreclosure. It’s mostly over now – but with the right legal eagles on your side, you may still be able to snag its get-out-of-jail-free card.

Delancey Street is here for you

Our team is available always to help you. Regardless of whether you need advice, or just want to run a scenario by us. We take pride in the fact our team loves working with our clients - and truly cares about their financial and mental wellbeing.

"Super fast, and super courteous, Delancey Street is amazing"
$500,000 MCA Restructured Over 3 Years
"Thanks for helping me in literally 24 hours"
$250,000 SBA Loan Offer in Compromise
"Great choice for business owners who need a trustworthy partner"
$350,000 MCA Restructured Over 2 Years

In The Media

Delancey Street CEO discusses ways to reward employees
Delancey Street CEO discusses the benefits of franchising on Forbes.
Delancey Street CEO discusses management on AMEX.
Beat Ctc Debt Collector

  Crush That CTC Debt Collector: A Merciless Gameplan They’re…

Is Pacific Debt Relief a reputable debt relief company?

  Is Pacific Debt Relief a Reputable Debt Relief Company?…

How is it possible for a bad credit to be fixed?

  Climbing Out of the Bad Credit Hole Sick of…

What is the effect of an AR factor on cash flow?

  The Brutal Truth: How AR Eats Into Your Cash…

What are the best credit card debt relief options?

  Crushing Credit Card Debt? Explore These Relief Pathways If…

Delancey Street simply gets it. You're talking to experts.
Steven Norris
Get Help Today

Ready To Get Started?

If you have questions, feel free to shoot us an email, or fill out our live chat.

Schedule Consultation