The Home Affordable Foreclosure Alternative program (HAFA) is intended to encourage lenders to facilitate short sales and deeds in lieu as alternatives to foreclosure, and is part of the Home Affordable Modification Program (HAMP).
I came across a good synopsis of this new government program. You can read the condensed details from the 43-page directive for loan servicers in Marcie Geffner’s article on Bankrate.com, “New alternative to foreclosures unveiled.”
Here are a few additional resources on the topic:
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