Home Affordable Foreclosure Alternatives [HAFA] expired on December 31, 2012. The HAFA program allowed qualifying Knoxville homeowners to receive up to a $3,000 as an incentive to complete a short sale or deed-in-lieu of foreclosure on their home. The HAFA program allowed Knoxville homeowner's to walk away debt free from their home and the lender waived the right to pursue the homeowner for a deficiency judgement. At this time, there are no plans to extend the HAFA program. The cutoff date for all short sales without offers was December 14th. For those short sales that have offers, all documentation must be had to be uploaded into the Equator system by the end of the business day on December 31. For files that don't qualify for the HAFA program, the Knoxville homeowners can still be eligible for a traditional short sale through their lender. Even with the expiration of the HAFA program, homeowners are still able to avoid foreclosure with the same benefits by completing a traditional short sale. In many cases, lenders will waive their right to pursue the seller for the deficiency judgement. There are also many lenders offering incentives for Knoxville homeowners who opt to complete short sales and as alternative to avoid foreclosure. In addition to completing a short sale, homeowners also have the option in certain cases, if their home is owned by Fannie Mae, to take part in the Fannie Mae's Deed-In-Lieu of foreclosure program. Homeowners who opt to complete a Deed-In-Lieu of foreclosure are given the option to stay in the home for a year and pay rent, stay for 3 months without any rent, or vacate the house immediately. It should be noted, though, in certain cases homeowners will be require to help make up some of what is owed on the home. For more information, visit Fannie Mae's website. Are you curious about your options to avoid foreclosure on your Knoxville home? If so, please do not hesitate to contact me by phone at 865-696-9002 or via email at [email protected]. My team and I are dedicated to helping homeowners explore their options to avoid foreclosure. Also, be sure to check out our Knoxville Short Sale and Foreclosure Solutions Page.