HAFA Eligibility and Qualifications
To qualify for HAFA, the homeowner must meet all of the following: the home must be the primary residence, the primary residence must meet the requirements as defined by the IRS or a homestead notice was filed in your state, the first mortgage cannot have a principal balance over $729,750, the mortgage must have originated before July 1, 2009, the mortgage payment or payments exceed thirty one percent off your income (if borrower has no income, he qualifies), the mortgage must be in default or a default is reasonably foreseeable (if you are current on the mortgage then the hardship letter that I discussed earlier becomes extremely relevant when applying for HAFA), and lastly, the bank agrees to participate in program.
