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HAFA – The Home Affordable Foreclosures Alternative Program

The Home Affordable Foreclosures Alternatives (HAFA) program will soon implement new guidelines for borrowers and lenders to follow.  I don’t know the details of the program yet, but here is a link that summarizes the guidelines.  It appears that the deed in lieu of foreclosure process will be integrated into the short sale process in a manner which helps borrowers out when attempting to move title back to the lender or someone else. 

I don’t see how the DILF (deed in lieu of foreclosure) program does much for the Realtors, but as soon as I understand the guidelines better, I’ll provide my take.  Hopefully, it truly streamlines the short sale process!For now, it looks like in borrowers who are looking at a short sale or DILF in California or elsewhere, will be slightly better off if this program works out.