The Home Affordable Foreclosure Alternatives (HAFA) initiative is a component of the Making Home Affordable Program (MHA). HAFA offers additional options to eligible borrowers who did not qualify for or complete a permanent modification under the Home Affordable Modification program (HAMP) or another home retention option to avoid foreclosure. HAFA solutions help stabilize communities by limiting foreclosures in surrounding neighborhoods and allow affected borrowers to transition into more affordable housing.The following information is for guidance only. Please contact us to see if you qualify for HAFA. Borrowers may be eligible for this initiative if they meet the following requirements:

  • First-lien mortgages, owned, guaranteed, or securitized by Freddie Mac that were originated on or before January 1, 2009.
  • Eligible properties are single-family 1-4 unit primary residences
  • Mortgaged property is not abandoned, condemned, or vacant (without an applicable exception).
  • Borrowers must be more than 60 days delinquent and have cash reserves less than the greater of $5,000 or three times their current monthly mortgage payment.
  • Borrowers must have first been considered for a HAMP modification and then for other retention programs but was either ineligible, did not complete, or declined the modification.
  • Borrowers must be able to convey a clear, marketable title to the mortgaged property.
  • Borrowers must have a documented hardship.
  • Borrower must not have been convicted within the last ten years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage real estate transaction.

Documentation requirements:

  • Evidence of residency
  • Verified Income
  • Subordinate lien documentation
  • Hardship Affidavit/Request for Modification and Affidavit
  • Purchase Contract if available
  • Additional income or asset verification requirements may apply for current borrowers at risk of imminent default


  • Property values will be determined by EB through various methods including but not limited to ordering appraisals, BPO’s and AVM’s.


  • During the marketing period your mortgage payments may be lowered to 31% of your income, if applicable.


  • There are circumstances under which a deed-in-lieu will be considered. Please contact us directly to see if your circumstance fit this criteria.

Average timelines

  • In reviewing a request for a short sale or deed-in-lieu you will be notified different deadlines and timeframes thought the process as required by quasi governmental agencies.

Contact Information
Exchange Bank Mortgage Department
P.O. Box 580, Milledgeville GA 31059
1-800-242-9054 (GA Toll Free) or 478-452-4531