Have Short Sale Questions?

Las Vegas Short Sale Help

Call Me Now... I have the Answers 702-348-7191

lv map
LAS VEGAS HOMES Search...Click on the map to search Las Vegas homes, foreclosures and short sales.

HAFA Series Part 2…Who is eligible for HAFA?

By Kathryn Bovard

This is part 2 in a 5 part series on HAFA.

HAFA is the Home Affordable Foreclosure Alternatives program from the U.S. Treasury effective April 5, 2010.  HAFA is designed to complement the HAMP program and is expected to streamline and standardize the short sale process for qualified homeowners.

The borrower (homeowner) must meet the basic eligibility criteria for HAMP in order to be considered for HAFA:

  • Must be the owner-occupant and be your principal residence.
  • First lien (mortgage) originated before January 1, 2009.
  • Mortgage delinquent or default is reasonably foreseeable.
  • Unpaid principal balance no more than $729,750 (higher limits for 2 to 4 unit dwellings).
  • Have a mortgage payment that is not affordable due to a financial hardship that can be documented.
  • Have a monthly mortgage payment (including taxes, insurance, and home owners association dues) greater than 31% of your monthly gross (pre-tax) income

HAFA alternatives are available to all HAMP-eligible borrowers who:

1) do not qualify for a Trial Period Plan;

2) do not successfully complete a Trial Period Plan;

3) miss at least two consecutive payment during a HAMP modification; or,

4) request a short sale or deed-in-lieu.

HAFA Series Part 1 – What is the Home Affordable Foreclosure Alternatives Program?

HAFA Series Part 3 – Which loan servicers are participating and review of the timeframes

Are you a Las Vegas Homeowner facing a possible foreclosure or considering a short sale? Contact us today to discuss your options and/or to see if you qualify for HAFA.

Call Kathryn at 702-348-7191 or Stephanie 497-7705.

Related posts:

  1. HAFA Series Part 5 – Can I Request a HAFA Short Sale without doing a HAMP modification?
  2. HAFA Series Part 4 – What else should I know about Home Affordable Foreclosure Alternatives?
  3. HAFA Series Part 3 – Which loan servicers are participating and review of the timeframes


  1. [...] You are a homeowner who did not know about the HAMP program or possibly can not or do not want to pursue a loan modification.    The property is your primary residence and you have a hardship that can be documented and are considering a short sale as an option.  To qualify for HAFA, you will have to meet all the basic eligibility requirements outlined in this post. [...]

  2. Dean Torset says:

    This was a great article. I would love it if you can reply back with fallow-ups on this subject. Keep up the great work. Thanks

Leave a Reply

las vegas mls search

lv map
Click on the map to start your Las Vegas area property search.
  • 11655
ResidentialShortSale.com provides useful information to the community about Las Vegas Short Sales, Nevada Foreclosure Mediation, and the Las Vegas Short Sale process. We are Las Vegas Short Sale Experts who know the Las Vegas Real Estate Market.

You can also search all Las Vegas Homes for Sale from this site.

short sale consultation

Do You Have a Real Estate Agent You Can Trust to Handle Your Short Sale?

Call Now: 702-348-7191