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What is HAFA? – Chicago Bankruptcy Attorney | Citizens Law Group, LTD
312-252-2799
What is HAFA?
Sunday February 22nd, 2015

The Home Affordable Foreclosure Alternatives Program or HAFA is a government solution for those who can’t afford their mortgage payment and need to transition to more affordable housing. HAFA provides two options for those transitioning out of a mortgage they can no longer afford:

  • Short Sale –  the mortgage company lets you sell your house for an amount that is less “short” of the mortgage balance  you still owe.
  • Deed-in-Lieu (DIL) of foreclosure –  the mortgage company lets you give the title back, transferring ownership back to them.