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R e so u rce Pac kage
©2010 Distressed Property Institute, LLC All Rights Reserved.

The above brokerage assumes no responsibility nor guarantees the accuracy of this information and is not engaged in the practice of law nor gives legal advice.
It is strongly recommended that you seek appropriate professional counsel regarding your rights as a homeowner.
HAFA Resource
Table of Contents Package
HAFA OVERVIEW
What is HAFA?
HAFA ELIGIBILITY
Homeowner Eligibility Requirements
HAFA PROCESS
How Does HAFA Work?
HAFA PROCESS (TIMELINE)
HAFA PROCESS (FLOWCHART)
HAFA PROCESS (ALTERNATIVE FLOWCHART)
HAFA INCENTIVES
Why HAFA?
HAFA HIGHLIGHTS
A Few Practical Pieces of Information
HAFA TERMINATION
Causes for Termination
HAFA FAQs
HAFA RESOURCES
HAFA APPENDIX

Overview What is HAFA?
HAFA, or the Home Affordable Foreclosure Alternatives Program is a government-

sponsored initiative to aid eligible homeowners by pre-approving short sales before listing
and releasing them from future liability of mortgage debt.
A Few Quick Facts:
1. Launched April 5, 2010
2. Pertains to 1st lien Non-GSE mortgages

• Loans owned or guaranteed by Fannie Mae or Freddie Mac do not qualify
under HAFA in it’s current state. These organizations may have plans to release
their own versions of HAFA
3. Utilizes borrower’s financial information through the Home Affordable

Modification Program (HAMP) waterfall process
4. Provides financial incentives for borrowers, servicers and investors
5. Uses standardized processes, documents and timeframes to quickly and

effectively implement a short sale or deed-in-lieu
6. Investors waive the right to seek deficiency judgments, absolving the borrower
of all mortgage debt
7. Caps the claims of subordinate lien holders, minimizing the largest stumbling
block to the short sale process
Source: Making Home Affordable. Supplemental Directive 09-09 Revised (2010):

https://www.hmpadmin.com/portal/docs/hafa/sd0909r.pdf
For more information on the HAFA program, short sales or the housing market in your area, contact an
educated real estate agent.

Homeowner Eligibility
Eligibility Requirements
Most homeowners facing financial hardship are eligible for a HAFA. 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. Your real estate agent can request a HAFA short sale on
your behalf.
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 not owned or guaranteed by Fannie Mae or Freddie Mac
• 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 09-01)

How Does
Process HAFA Work?
HAFA was introduced to simplify and streamline the short sale process. HAFA accomplishes this by utilizing
standardized forms and by setting forth strict timeframes that both the servicer and borrower must adhere
to. The following is a 6-step summary of this streamlined process:
1. Servicers must consider HAMP eligible borrower for HAFA within 30 days of the date the borrower:
• Does not qualify for trial period plan
• Does not successfully complete trial period plan
• Is delinquent on HAMP modification by missing at least two consecutive payments
• Requests a short sale or Deed-in-Lieu
2. Servicer must proactively notify the borrower in writing of the availability of a short sale and
deed-in-lieu
•Servicer allows borrower 14 days to contact them with interest in these options
•After this timeline servicer has no further obligation to extend the HAFA offer
3. Servicer issues Short Sale Agreement (SSA) along with Request for Approval of Short Sale (RASS)
Document
• The servicer will send documents either proactively or at the request of the borrower
4. Once SSA is issued the borrower must sign and return SSA within 14 days of its effective date,
along with real estate broker listing agreement and information regarding subordinate liens
• Borrower is allowed 120 calendar days from SSA effective date to obtain a contract
• Can be extended up to one year with servicer approval
5. Within three days following the receipt of an executed purchase offer, the borrower (or listing
broker) must submit a completed RASS to the servicer
6. Servicers have 10 days to accept or deny a short sale request (RASS)


HAFA Timeline
BORROWER ELIGIBILITY
30 Days Servicer
OF CONSIDERATION Must consider and
document
Borrowerʼs eligibility
for HAFA
Borrower Servicer must determine the

Contacts the servicer minimum acceptable net proceeds
by verbal or written that the investor will accept, PRIOR
communication and to offering Borrower a HAFA Short
requests evaluation Sale1
14 Days
SINCE NOTIFICATION
Servicer
Issues SSA and
RASS
14 Days Borrower
OF SSA EFFECTIVE DATE
must sign and
return SSA
Borrower
120 Days Is allowed 120
Can be extended up to one year
TO OBTAIN CONTRACT calendar days from
with Servicer approval
SSA Effective Date
to obtain a contract
3 Days
SINCE OFFER Borrower
Key for Servicers & Realtors:
submits offer to
Borrower/Realtor must convey
Servicer Request for Approval of Short Sale
(RASS) within 3 days
10 Days Servicer Servicer must accept, deny or
OF RASS RECEIPT
must approve or counter within 10 days2
deny the offer
Updated: April 6, 2010
Sources:
Making Home Affordable. Home Affordable
Closing Foreclosure Alternatives Presentation.
(2010)
HAFA Short Sale Flowchart
Borrower is aware of and has been considered for HAMP
TO INITIATE HAFA PROCESS1: 2 4 5 SERVICER/LENDER
eligible
1 3
BORROWER
TIME VARIES
SERVICER/LENDER SERVICER/LENDER
• BORROWER Does not qualify for HAMP trial WITHIN 14 DAYS OF
eligible • If servicer has not NOTIFICATION • Reviews borrower financial
WITHIN 30 DAYS By Request of
already discussed a short information obtained in Sent Proactively by
sale, must send • Contacts the servicer by conjunction with HAMP Borrower or Listing
• Must consider and Servicer/Lender
notification to borrower in verbal or written • May request updated financial Agent
• BORROWER Does not complete HAMP trial document Borrower’s
eligibility for HAFA writing2 communication and information to evaluate the
requests consideration2 borrower
• Assesses the current value of
• BORROWER is delinquent on HAMP
the property
• Reviews readily available 6 SERVICER/LENDER
modification by at least 2 consecutive payments information to identify
ineligible subordinate liens and other • Issues Short Sale
claims on title3 Agreement
SERVICER/LENDER (SSA) pre-populated with
• BORROWER requests a short sale ineligible loan information along with
• Documents date and Request for Approval of a
outcome of consideration Short Sale (RASS)
SERVICER/LENDER documents to Borrower in
in file
• Communicates the one of two ways5:
decision in writing and
explains why a HAFA short
sale cannot be offered4
• Borrower
consults an
agent to explore
other • Borrower
foreclosure consults an
avoidance agent to
options explore other
foreclosure
avoidance
options
10 • Borrower
7 8 9 11 consults an
BORROWER BORROWER SERVICER/LENDER
BORROWER agent to
• Borrower must SERVICER/LENDER disapproved
BORROWER WITHIN 3 DAYS OF OFFER • Must send notification of explore other
list property WITHIN 14 DAYS OF SSA • Is allowed 120
WITHIN 10 DAYS OF reasons for denial in writing foreclosure
with licensed EFFECTIVE DATE calendar days
• Receives an • Must submit RASS to RASS RECEIPT avoidance
agent in order from SSA executed purchase Servicer/Lender within 3 options
to proceed • Must sign and return SSA Effective Date offer business days along with: • Must sign and return
along with copy of listing to obtain a RASS to the borrower
agreement and information contract7 • Copy of sales contract and within 10 business days to approved
on subordinate liens6 addenda indicate approval or
• Buyer's pre-approval disapproval9 SERVICER/LENDER
• Negotiations with subordinate
lein holders8 • May require the
closing take place
within a reasonable
time period, but in no
less than 45 calendar
days from sales
contract9
12
SERVICER/LENDER
Borrower Action TERMS KEY
• Releases 1st lien within
Closing 30 business days of HAMP - Home Affordable Modification Program
Process receipt of sales proceeds
• Investor waives right to Servicer/Lender Action HAFA - Home Affordable Foreclosure Alternatives
seek deficiency
judgement10 SSA - Short Sale Agreement
Opportunity for Agent RASS - Request for Approval of a Short Sale
Last Updated: April 5, 2010
© Distressed Property Institute, LLC 2010. The Distressed Property Institute, LLC assumes no responsibility nor guarantees the accuracy of this document. The Distressed Property Institute, LLC is not engaged in the practice of law nor gives legal
advice. It is strongly recommended that you seek appropriate professional counsel regarding your rights as a homeowner.
HAFA Alternative Request for a Short Sale Flowchart
TO INITIATE ALTERNATIVE
HAFA PROCESS:
1 BORROWER has not been
considered for HAMP, has
an executed sales contract
2 3
and requests that the
servicer approve the short
BORROWER SERVICER/LENDER SERVICER/
LENDER 4 SERVICER/LENDER
• Must submit signed WITHIN 30 DAYS
sale under HAFA Alternative Request for • If borrower appears
• Must obtain a completed to be eligible and ineligible or forgoes TIME VARIES
Approval of Short Sale
(Alternate RASS), copy of Request for Modification was not previously HAMP
BORROWER requests that and Affidavit (RMA) or considered for • Evaluates information
sales contract and and documents in
the servicer approve the addenda, buyer's pre- hardship affidavit and HAMP Trial Period
short sale under HAFA evidence of borrower's Plan, must notify the Alternate RASS Packet in
approval, information on accordance with lender
before lender executes a subordinate lein holders income borrower verbally or
Short Sale Agreement • Considers and in writing of the policy and supplemental
and hardship affidavit if directive guidelines
(SSA) necessary documents Borrower’s availability of a
eligibility for HAFA HAMP modification
Disapproved Approved
BORROWER is in
bankruptcy and has
counsel or trustee submit • Recommended that
request for a short sale CDPEs submit HAMP
under HAFA complete packet, but eligible
allowed 14 days to
send all documents
SERVICER/LENDER
5 SERVICER/LENDER
BORROWER • Signs and returns
• Signs and returns 'Approval of Short Sale'
'Disapproval of Short Sale' section of Alternate
ALLOWED 14 DAYS section of Alternate RASS
FROM NOTIFICATION RASS
• Borrower may contact
servicer within 14
calendar days with verbal
or written request for
HAMP modification
• Borrower
consults an 6 BORROWER
ONE BUSINESS DAY
HAMP PROCESS
agent to
BEFORE CLOSING DATE
explore other
foreclosure • Signed HUD-1 Settlement
avoidance Statement is provided to
options servicer
BORROWER
Participates in
Borrower Action
HAMP Mortgage
ModificationTrial 7 BORROWER
Period Plan. WITHIN 48 HOURS AFTER
CLOSING DATE
successful unsuccessful
Servicer/Lender Action HAMP HAMP
• Servicer must receive
payoff funds and final HUD-1
modification modification Settlement Statement
Opportunity for Agent
BORROWER AGENT 8 SERVICER/LENDER
completes a Initiates HAFA
HAMP mortgage Short Sale • Releases 1st lien within
TERMS KEY modification and Process
(See Page 1)
10 business days of
receipt of sales proceeds
stays in home
HAMP - Home Affordable Modification Program • Investor waives right to
seek deficiency judgement
HAFA - Home Affordable Foreclosure Alternatives
RMA - Request for Modification and Affidavit
SSA - Short Sale Agreement
Alternate RASS - Alternate Request for Approval of a Short Sale
1Making Home Aordable. Supplemental Directive 09-09 Revised "Alternate Request for Approval of Short Sale"
p. 9 (2010): https://www.hmpadmin.com/portal/docs/hafa/sd0909r.pdf
2Making Home Aordable. Supplemental Directive 09-09 Revised "HAFA Consideration" p. 3 (2010):
3Making Home Aordable. Supplemental Directive 09-09 Revised "Evaluation" p. 5 (2010):
https://www.hmpadmin.com/portal/docs/hafa/sd0909r.pdf Last Updated: April 5, 2010
© Distressed Property Institute, LLC 2010. The Distressed Property Institute, LLC assumes no responsibility nor guarantees the accuracy of this document. The Distressed Property Institute, LLC is not engaged in the practice of law nor gives legal
advice. It is strongly recommended that you seek appropriate professional counsel regarding your rights as a homeowner.
Incentives Why HAFA?
HAFA is the only program that gives you cash for avoiding foreclosure through a short sale
or deed-in-lieu of foreclosure. If you complete a short sale or deed-in-lieu, then up to $3,000
in Borrower Relocation Assistance may be available to aid in your transition. The biggest
gain of HAFA, however, is that it helps you get your life back if you feel like there are no
other solutions when faced with foreclosure.
What’s in it for the Homeowner?

Homeowners qualify for $3,000 in Borrower Relocation Assistance
• Will be deducted from gross sale proceeds at closing
• May classify as taxable income in some cases
Why Would my Lender Participate in HAFA?

Lenders and servicers receive $1,500 in administration and processing fees for each
successful short sale transaction under HAFA guidelines
• Servicer may not charge borrower any processing fees and MUST pay all out-of-
pocket expenses
If I Have More Than One Lien Holder, Why Would They Release My Debt?
Under HAFA, subordinate lien holders receive up to $6,000 to release liens
What Motivates Investors to Buy a Short Sale?

Investors are given $2,000 for subordinate lien holder payoff as well as a great deal on a
properly maintained property
• For every three dollars spent to release liens (up to $6,000) investor is
reimbursed one dollar (up to $2,000)


A Few Practical
Highlights Pieces of Information
Although the HAFA program is aimed to simplify the short sale process, HAFA itself, can
often be a difficult and confusing process to understand. Here are just a few things to keep
in mind when considering HAFA as an alternative to foreclosure:
1. The lender waives rights to seek a deficiency judgment, absolving the

borrower of their debt

2. The servicer must assess the property value and cannot charge the borrower
in advance
• May be added to outstanding debt if transaction is not completed
3. The servicer must review title and cannot charge the borrower in advance
• May be added to outstanding debt if transaction is not completed
4. Servicer must notify borrower of short sale and deed-in-lieu as foreclosure

avoidance alternatives, acting in the borrower’s best interest and seeking a final
resolution
5. It is a requirement that the property be listed with a licensed real estate

professional
6. If a servicer is not in compliance with the HAFA guidelines, issues with the
servicer should be addressed by the participating agent, not the homeowner
• A licensed agent is considered a HAFA “trusted partner” and is able to
work through the proper channels until the issue has been resolved


Causes for
Termination Termination
Although a borrower may be eligible for the HAFA program, there are a couple of situations
that would cause the borrower’s participation in the HAFA process to be terminated. They
are listed as follows:
1. Borrower’s financial situation improves
2. Borrower or listing broker fails to act in good faith in listing, marketing and
closing the sale
3. Significant change occurs in property condition or value
4. Misrepresentation or fraud
5. Borrower files for bankruptcy
6. Litigation is initiated or threatened that would affect the title (i.e. divorce)

For more information on the HAFA program, short sales or the housing market in your area, contact an educated real
estate agent.

Fraud Alert Borrowers Beware
There are many people out there trying to scam homeowners by requesting up-front fees
for HAFA short sales. This is fraud. A CDPE-designated agent will never ask you for money.
MakingHomeAffordable.gov (MHA) provides the following guidelines:
• Beware of anyone who asks you to pay a fee in exchange for counseling service or
modification of a delinquent loan.

• Scam artists often target homeowners who are struggling to meet their mortgage
commitment or anxious to sell their homes.
• Beware of people who pressure you to sign papers immediately, or who try to
convince you that they can “save” your home if you sign paperwork or transfer over
the deed to your house.
• Never make a mortgage payment to anyone other than your mortgage company
without their approval.
• Do not sign over the deed to your property to any organization or individual unless
you are working directly with your mortgage company to forgive your debt.
FAQs Common Questions
What does HAFA stand for?

HAFA stands for Home Affordable Foreclosure Alternatives
What are the “Alternatives” in HAFA?

HAFA provides two alternatives that will allow you to avoid foreclosure:
• Short Sale – If you owe more on your home than it is now worth, a short sale will help you
sell your home and save yourself from financial ruin. According to HAFA, a real estate agent
must be involved in this process. Agents with the CDPE designation are specially trained to
help you with a short sale.
• Deed-In-Lieu – This is where the bank accepts the deed of your home instead of (“in-lieu
of”) foreclosure. You do not get to keep your home, but your mortgage debt is forgiven.
What is foreclosure?
If you are in a financial hardship or cannot make payments on your home, the bank can take your
home away from you through a foreclosure, which leaves your credit horribly damaged, your
security clearance compromised (if applicable), challenges your present and future employment,
and you may still owe money to the bank. It’s a nightmare situation that has been happening to
millions of Americans. HAFA has been created to provide alternatives to foreclosure, and CDPE-
designated agents are here to help.
Why should I consider a HAFA short sale?

HAFA sets distinct guidelines and incentives for banks and lending companies so that you will
know whether or not you can complete a short sale. One of the common myths about short sales
is that they take forever to complete. HAFA makes sure that short sales happen more quickly by
streamlining the short sale process.
How is HAFA different from a short sale?

The main issue with traditional short sales was that they took too long, and it was difficult to keep
buyers interested in the process. HAFA is a program designed to speed up the short sale process
and even gives banks incentives for each short sale they do. Also, after completing a HAFA short
sale, you may be given up to $3,000 in Borrower Relocation Assistance to help you transition.
What’s in it for me?

HAFA is the only program that gives you cash for avoiding foreclosure through a short sale or deed-
in-lieu of foreclosure. If you complete a short sale or deed-in-lieu, then up to $3,000 in Borrower
Relocation Assistance may be available to aid in your transition. This program seeks to ensure
that no one will be left high-and-dry if they cannot afford their home. The biggest gain of HAFA,
however, is that it helps you get your life back if you feel like there are no other solutions when
faced with foreclosure.

FAQs Common Questions
What are the tax considerations of a HAFA short sale or deed-in-lieu?

The difference between the remaining amount of principal owed and the amount that the
servicer receives from the sale must be reported to the Internal Revenue Service (IRS) on Form
1099C, as debt forgiveness. In some cases, debt forgiveness could be taxed as income. The $3,000
Borrower Relocation Assistance may also be reported as income. A short sale may have income tax
consequences and/or may have a derogatory impact on your credit score. You should contact the
IRS or your tax preparer to determine if you may have any tax liability.
In the case of a deed-in-lieu, the difference between the remaining amount of principal you owe
and the current market value of the property must be reported to the Internal Revenue Service
(IRS) on Form 1099‐C as debt forgiveness. In some cases, debt forgiveness could be taxed as
income. The $3,000 Borrower Relocation Assistance may also be reported as income. You should
contact the IRS or your tax preparer to determine if you may have any tax liability.
Do I have to hire a real estate professional for a HAFA short sale?

Yes, but it doesn’t cost you anything. Under HAFA, the real estate professional’s fees may be
deducted from the sale proceeds. It is a requirement of a HAFA short sale that you work with a
real estate professional to help you through the process. CDPE-designated agents understand this
process, and are located throughout the country. Find a CDPE at www.cdpe.com to help you get
started.
How do I get started?

Your first step should be to contact an educated real estate professional in your area. An agent
can walk you through the HAFA process, determine your eligibility, and provide you with the best
solutions available for your particular circumstances.
What is a CDPE?
A CDPE, or Certified Distressed Property Expert, is a real estate professional who has undergone
specialized training in foreclosure avoidance options, specifically short sales. The education a CDPE
receives is based 100% on helping homeowners avoid foreclosure and assisting them through
this difficult and oftentimes confusing process. If you are facing a financial hardship and may not
be able to make payments on your home, and would like to know more about alternatives to
foreclosure such as HAFA, contact a CDPE today.
Helpful Links
Resources
CDPE’s HAFA Resource Center

www.cdpe.com/hafa
The Distressed Property Institute is home to the Certified Distressed Property Expert, or
CDPE Designation. Agents who have earned this prestigious designation are executing
short sales quickly and efficiently, influencing government on the behalf of homeowners
and saving communities from the devastation caused by each and every foreclosure.
This site is the leading resource for HAFA information anywhere. It contains up-to-the-
minute news, valuable resources and a breakdown of important information that can be
easily understood and applied to your situation.
What in the World is HAFA?

http://www.youtube.com/user/CDPEnow
Understand HAFA in just over 2 minutes with this enjoyable and informative video.
MHA Servicer Guidelines

www.hmpadmin.com
This administrative website for servicers of the Home Affordable Modification Program
provides an overview of each of the Treasury’s Making Home Affordable Initiatives as well as
official documents and a valuable resource center.
MHA HAFA Resource Center

https://www.hmpadmin.com/portal/resources/training.html
Although this learning center is aimed at lenders and servicers, there are webinars,
brochures and other documents that may be helpful.
Appendix

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© Copyright The Distressed Property Institute, LLC April 2010

The Distressed Property Institute, LLC assumes no responsibility nor guarantees the accuracy of this document. The Distressed Property
Institute, LLC is not engaged in the practice of law nor gives legal advice. It is strongly recommended that you seek appropriate
professional counsel regarding your rights as a homeowner.
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©2010 Distressed Property Institute, LLC All Rights Reserved.

HAFA PROCESS (TIMELINE)

HAFA PROCESS (FLOWCHART)

HAFA PROCESS (ALTERNATIVE FLOWCHART)

©2010 Distressed Property Institute, LLC All Rights Reserved.

HAFA, or the Home Affordable Foreclosure Alternatives Program is a government-

A Few Quick Facts:

1. Launched April 5, 2010

2. Pertains to 1st lien Non-GSE mortgages

3. Utilizes borrower’s financial information through the Home Affordable

4. Provides financial incentives for borrowers, servicers and investors

5. Uses standardized processes, documents and timeframes to quickly and

Source: Making Home Affordable. Supplemental Directive 09-09 Revised (2010):

©2010 Distressed Property Institute, LLC All Rights Reserved.

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

• The property is the borrower’s principal residence

• The mortgage is not owned or guaranteed by Fannie Mae or Freddie Mac

• 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

Source: Making Home Affordable. Supplemental Directive 09-09 Revised (2010):

6. Servicers have 10 days to accept or deny a short sale request (RASS)

Source: Making Home Affordable. Supplemental Directive 09-09 Revised (2010):

©2010 Distressed Property Institute, LLC All Rights Reserved.

Borrower Servicer must determine the

What’s in it for the Homeowner?

Why Would my Lender Participate in HAFA?

What Motivates Investors to Buy a Short Sale?

Source: Making Home Affordable. Supplemental Directive 09-09 Revised (2010):

©2010 Distressed Property Institute, LLC All Rights Reserved.

1. The lender waives rights to seek a deficiency judgment, absolving the

4. Servicer must notify borrower of short sale and deed-in-lieu as foreclosure

5. It is a requirement that the property be listed with a licensed real estate

Source: Making Home Affordable. Supplemental Directive 09-09 Revised (2010):

©2010 Distressed Property Institute, LLC All Rights Reserved.

1. Borrower’s financial situation improves

3. Significant change occurs in property condition or value

5. Borrower files for bankruptcy

Source: Making Home Affordable. Supplemental Directive 09-09 Revised (2010):

©2010 Distressed Property Institute, LLC All Rights Reserved.

What does HAFA stand for?

What are the “Alternatives” in HAFA?

Why should I consider a HAFA short sale?

How is HAFA different from a short sale?

What’s in it for me?

©2010 Distressed Property Institute, LLC All Rights Reserved.

What are the tax considerations of a HAFA short sale or deed-in-lieu?

Do I have to hire a real estate professional for a HAFA short sale?

How do I get started?

CDPE’s HAFA Resource Center

What in the World is HAFA?

MHA Servicer Guidelines

MHA HAFA Resource Center

©2010 Distressed Property Institute, LLC All Rights Reserved.

© Copyright The Distressed Property Institute, LLC April 2010

© Copyright The Distressed Property Institute, LLC April 2010

© Copyright The Distressed Property Institute, LLC April 2010

© Copyright The Distressed Property Institute, LLC April 2010

© Copyright The Distressed Property Institute, LLC April 2010

© Copyright The Distressed Property Institute, LLC April 2010

© Copyright The Distressed Property Institute, LLC April 2010

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