The document provides an overview of the Home Affordable Foreclosure Alternatives (HAFA) program, which aims to standardize the short sale process. It outlines key terms, eligibility requirements, and steps in the HAFA short sale process. This includes borrower qualification, determining if a short sale or deed-in-lieu is offered, signing a short sale agreement, listing and marketing the property, submitting a purchase agreement, and satisfying liens. The document notes some challenges in implementation, such as lenders meeting timelines and subordinate lien holders accepting payment amounts.

1. HAFA: Sounds Simple, But The Devil Is In The Details - An Overview of the New Homes Affordable Foreclosure Alternatives program -

4. General Terms and Conditions - HAFA Outline -

11. Compensation Incentives Borrower Incentives: Relocation assistance - $3,000 For short sale, paid out of closing proceeds; for DIL, servicer must pay at closing or, if no formal closing, mail within 5 days Servicer Incentives: Servicer shall be paid $1,500 for successful short sale or DIL Investor Incentives: Investor paid up to $2000, if they allow payment to subordinate lien holders Subordinate lien holders must agree to release borrower from all liability (waive right to seek a deficiency)

14. Borrower Qualification - The first step in the HAFA process -

21. Determination of Whether Short Sale or DIL Will Be Offered Step Two of the Process

27. The Short Sale Agreement - Step Three of the Short Sale Process -

35. Purchase Agreement Presented - Step Five of the Short Sale Process -