Just over a year ago, the federal government launched the Home Affordable Foreclosure Alternatives (HAFA) program. It was supposed to streamline the short sale process for Santa Cruz home owners and home owners nationwide. This article provides an update on HAFA.
How does HAFA benefit Santa Cruz home owners?
Home owners who don’t qualify for a loan modification can apply for a short sale through HAFA. If the home owner qualifies for a HAFA short sale, the difference between the sale price of the house and the loan balance is forgiven. In addition, HAFA offers qualified home owners $3,000 for moving expenses.
How well is HAFA working?
From April, 2010, to December, 2010, HAFA had disbursed just $9.5 million of the $4.1 billion in its…