Avoid Foreclosure
HAMP Program (Loan Modification)
HAFA Short Sale Program
HAFA Deed-in-Lieu Program
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Avoid Foreclosure - Respond Today

In February 2009, the Obama Administration introduced the Making Home Affordable program, a plan to stabilize the housing market and help struggling homeowners get relief and avoid foreclosure.

Making Home Affordable includes opportunities for homeowners to modify or refinance their mortgage to make their payments more affordable.

The program has recently been expanded to help homeowners who are unemployed or "underwater" (they owe more on their mortgage than their home is worth). It also provides options for homeowners who can no longer afford their home and are interested in a short sale or deed-in-lieu of foreclosure. The Borrower receives $3,000 in relocation assistance.

At Dream Vision Realty we offer unbiased counseling to distressed Borrowers about their options. Edward Scott is a Certified HAFA Specialist who can assist you with a short sale and answer any of your questions relating to the HAFA program.

We believe that a Borrower should do their best to save their home. However, if the Borrower exhausted all options to save their home, we recommend they consider a HAFA short sale or a Deed-in-lieu to avoid foreclosure and save their credit. We focus primary on doing what is best for the client.

Don't delay. To take advantage of this opportunity, you must act quickly, if you are facing foreclosure. Please click on the contact us link in the right upper corner today to begin the process.

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Home Affordable Modification Program (HAMP)

If you are having a tough time making your mortgage payments for reasons not related to unemployment, you may qualify for HAMP Home Affordable Modification Program. HAMP is part of the Making Home Affordable program. HAMP is designed to help make your monthly mortgage payment more affordable. Certain qualifying criteria must be met, so take the time to read the Frequently Asked Questions.


You may be eligible to apply if you meet all of the following:

You occupy the house as your primary residence.

You obtained your mortgage on or before January 1, 2009.

You have a mortgage payment that is more than 31 percent of your monthly gross (pre-tax) income.

You owe up to $729,750 on your home.

You have a financial hardship and are either delinquent or in danger of falling behind.

You have sufficient, documented income to support the modified payment.

You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

*Eligibility criteria is for guidance only. Contact your mortgage servicer to see if you qualify for HAMP.

Get more information on how to apply for a modification.

If you qualify for HAMP and also have a second mortgage, you may also qualify for the Second Lien Modification Program (2MP) All lenders and servicers who have signed up for the HAMP program must participate in the HAFA program. For a complete list.. Fannie Mae and Freddie Mac loans have similar HAFA programs and guidelines for their loans.

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Home Affordable Foreclosure Alternative Program (HAFA)

If you are a Borrower who exhausted all options to save your home, we recommend you consider a HAFA short sale or a Deed-in-lieu through the Home Affordable Foreclosure Alternative Program to avoid foreclosure and save your credit.

The HAFA program is part of the Making Home Affordable program HAFA implemented on August 5, 2010 and will last through December 31, 2012.

Edward Scott is a Certified HAFA Specialist who can assist you help answer any of your questions relating to this program. Below are the non-GSE (Government Sponsored Enterprises) HAFA guidelines.

Information about HAFA :

  • HAFA is a part of HAMP. Borrowers who meet HAMP eligibility can say no to the loan modification and go straight to b>HAFA, if eligible. But loan servicers MUST consider borrowers for HAMP and offer HAMP - Home Retention is the First priority!
  • The main alternatives under HAFA are a Short Sale and a Deed-in-Lieu
  • HAFA sets standards for the process, timelines & documents required for a Short Sale
  • HAFA allows borrowers to receive a "pre-approved" short sale
  • The borrower will be fully released from any future liability for the debt
  • HAFA provides financial incentives to borrowers, servicers and investors
  • Servicers MUST consider HAFA before sending a loan to foreclosure
  • Borrowers must provide clear & marketable title, maintain the property and cooperate with Listing Agent to market the home

ELIGIBILITY REQUIREMENTS (the program was created to help homeowners, not investors):

  1. The home is your primary residence, or must recently have been your primary residence (certain restrictions apply)
  2. Your mortgage is a 1st loan originating prior to January 2009
  3. Your mortgage is delinquent or delinquency is "reasonably foreseeable"
  4. Your unpaid balance is equal to or less than $729,750 (your balance as at today, NOT your original loan amount) for a single family home (or higher for 2-4 units)
  5. Borrower must be eligible for, but unable to complete, a loan modification under HAMP
  6. Borrower is evaluated based on the lender's own written guidelines

The information above relates to non-GSE (Government Sponsored Enterprises) HAFA guidelines. Please note that Fannie Mae and Freddie Mac announced their HAFA guidelines for implementation on August 1, 2010, which differ in some ways. Click here to see the HAFA Guideline Differences between non-GSE and Fannie & Freddie mortgages.

**Changes and updates to the program are ongoing, so please visit Making Home Affordable often and we will make sure to update this page as often as possible!

A short sale may have credit or legal consequences and may result in taxable income to the Seller. The Seller is advised to seek advice from an attorney, certified public accountant or other expert regarding such potential consequences of a short sale.

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HAFA Deed-In-Lieu Agreement (DIL)

Deed-in-Lieu of Foreclosure: Generally, if the borrower makes a good faith effort to sell the property but is not successful, a servicer may consider a deed-in-lieu of foreclosure.

With a deed-in-lieu, the borrower voluntarily transfers ownership of the property to the servicer provided the title is free and clear.

These options are available for homeowners who:

  • Do not qualify for a trial payment plan which is required prior to a permanent HAMP modification;
  • Do not successfully complete the trial payment plan;
  • Miss at least two consecutive payments during HAMP modification; or
  • Request a short sale or deed-in-lieu of foreclosure.

Under the program, a homeowner can receive $3,000 to help with relocation costs after a successful short sale closing or deed-in-lieu. If there are liens and encumbrances in addition to the first mortgage, the borrower must obtain lien releases from those creditors under HAFA, homeowners can receive up to $6,000 of assistance to release those liens.

Alternative Deed-in-lieu Programs: The deed-in-lieu, deed for lease rental programs are now permitted under certain circumstances in HAFA, even deed for lease programs that allow the former Borrower an option to re-purchase their property. So what this mean is that after given someone a deed-in-lieu, if the lender has this program in place, the Borrower can rent their own house back after given the deed-in-lieu of foreclosure probably at a significant lower amount then what their mortgage payment was and then possibly even have the option to buy their property back at a lower price, sometime in the future

  • To learn more about the Making Home Affordable Program, visit .Making Home Affordable Program.
  • Contact your mortgage servicer - the company to which you pay your mortgage - to determine if you qualify.

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