Friday, January 28, 2011

HAFA - Foreclosure Alternative Help

HAFA is the Home Affordable Foreclosure Alternative program created for homeowners who can not afford to keep their home.

President Barrack Obama helped establish the program through his Making Homes Affordable Plan and it is for the homeowners who are not capable of making a payment even if those payments are reduced through the Home Affordable Modification Program.

Obama Foreclosure Alternatives

In that case the homeowner is offered other mortgage solutions that do not let the homeowner keep the home but allow them to walk away with no mortgage debt. This is done with a short sale or perhaps a deed in lieu.

Obama Cash for Keys Program

Along with the foreclosure alternative the homeowner is able to receive a few thousand dollars of foreclosure relocation assistance through the Obama cash for keys program. Typically the cash for keys program available through HAFA allows homeowners to obtain 3,000 dollars of financial aid.