Greetings neighbors and happy Presidents Day,

Have you heard about the latest alternative for home owners that may be facing foreclosure? Introduced by the Treasury Department on November 30, 2009, the Home Affordable Foreclosure Alternatives Program (HAFA) was established to help home owners who are incapable of retaining their home through the Home Affordable Modification Program (HAMP). Under the HAFA program, distressed home owners can possibly avoid foreclosure through a short sale or by a deed - in - lieu of foreclosure (DIL). HAFA will improve the process by simplifying the act of short sales and DIL's.

As for eligibility for the program, one needs to meet the basic eligibility requirements for HAMP which include:

-  Principal residence

-  First lien originated before 2009

-  Mortgage delinquent or default is reasonably foreseeable

-  Unpaid principal balance no more than $729,750 (higher limits for 2 to 4 unit dwellings).

-  Borrower’s total monthly payment exceeds 31% of gross income.

Stay tuned for more information on HAFA