headder buy foreclosed nj dot com
Distressed homeowners that have explored all their options with loan modifications and have been declined might benefit form the options that the Home Affordable Foreclosure Alternative HAFA program offers. Under the HAFA program distressed homeowners might be eligible to receive relocation expense at closing of escrow. Other options that homeowners can benefit from are:
  • Foreclosure proceedings must be suspended while eligibility is determined;
  • Sellers might be released from all liability from 1ST and any subordinate liens;
  • Homeowner is not obligated to sign any notes to satisfy any mortgage deficiencies;
  • Short Sale preapproval in a timely fashion – no months waiting for an answer;
  • If the sale of the home is not successful through a short sale a deed-in-lieu (DIL) is possible and the homeowner might be eligible to receive relocation assistance subject to eligibility.


The program provides financial help to homeowners who utilize a short sale or a deed-in-lieu (DIL) to avoid foreclosure for eligible loans under the program. The HAFA program provides timely approval on short sales approvals and minimizes the time for short sale approvals.

In a Short Sale the servicer of your loan sometimes the Lender allows the distressed homeowner to list and sell a mortgaged property for less than the total amount due on the mortgage. The homeowner needs to understand that in any short sale the net proceeds from the short sale belong to the mortgagee. The short sale must be an arm’s length transaction. The mortgagee or servicer accepts the short payoff in full satisfaction of the total amount due on the first mortgage.

In a deed-in-lieu (DIL) the homeowner voluntarily transfers ownership “title” of the mortgage property to the mortgagee or investor in full satisfaction of the total amount due on the first mortgage.

Caveat Venditor: sellers beware of deceptive practices never sign title to third party companies or individuals until you have verified their relationship with your lender, servicer or mortgagee. Always consult with an attorney before signing any paper work relating to your home. For more information and details on the HAFA program Visit the HAFA official Website.