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If you can't afford your mortgage payment and it's time for you to transition to more affordable housing, the Home Affordable Foreclosure Alternatives (HAFA) program is designed for you. HAFA provides two options for transitioning out of your mortgage: a short sale or a Deed-in-Lieu (DIL) of foreclosure. In a short sale, the mortgage company lets you sell your house for an amount that falls "short" of the amount you still owe. In a DIL, the mortgage company lets you give the title back, transferring ownership back to them.
In either case, HAFA offers benefits that make the transition as favorable as possible:
1. Do you live in the home or have lived there within the last 12 months?
2. Do you have a documented financial hardship?
3. Have you purchased a new house within the last 12 months?
4. Is your first mortgage is less than $729,750?
5. Did you obtained your mortgage on or before January 1, 2009?
6. Have you been convicted within the last 10 years of felony larceny, theft, fraud, forgery, money laundering or tax evasion in connection with a mortgage or real estate transaction?