Homeowner Affordability and Stability Plan (HASP)

Foreclosure alternatives

This paper discusses the addition of the Home Affordable Foreclosure Alternatives Program (HAFA) to HAMP giving servicers and borrowers more attractive alternatives to foreclosure.

The program offers monetary incentives to servicers, investors, and borrowers to make short sale and deed-in-lieu agreements to avoid lengthy and expensive forclosure proceedings.

By combining their HAFA and HAMP processes, servicers can leverage the competencies that they have established in implementing HAMP.

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