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The government has expanded the Home Affordable Modification Program (HAMP) to allow Short Sales and Deeds in Lieu of Foreclosure for eligible homeowners by providing incentives to lenders to not foreclose. The new program is called Home Affordable Foreclosure Alternatives (HAFA).
Participation in HAFA doesn't prevent the homeowner from losing their property, but it can eliminate the effects of a foreclosure on the homeowner’s credit.
This .pdf file will provide the guidelines.