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How do I qualify for a HAFA Short Sale in Colorado Springs?

By
Real Estate Agent with Keller Williams Clients Choice Realty, Colorado Springs, CO #FA100003680

HAFA Short Sale Colorado SpringsHow do I qualify for a HAFA Short Sale in Colorado Springs?

First of all, your lender needs to be a participating member of the Home Affordable Foreclosure Alternatives (HAFA) Program.  The quickest way to find out if they are, is to call them and ask.  Another option is to check out the participating members on the HAFA website.  If you have an FHA, VA or Ginnie Mae loan, they are not covered by the HAFA program, but that may change in the future.

In order to be HAFA eligible, you must meet ALL of these criteria:

  1. Homeowner can not qualify for a loan modification and has decided to pursue a short sale or deed-in-lieu of foreclosure.
  2. The property is the homeowner's principal residence and has not abandoned the property - the exception is if the homeowner changed jobs that is 100 miles or greater from the property.
  3. The mortgage was originated on or before 1/1/09, is at least 60 days delinquent or default is reasonably likely due to hardship, has an unpaid principal balance less than $729,750 for a single family home, and has a monthly payment (PITI) exceeding 31% of the borrower's gross monthly income.


For more information on the HAFA program or Short Sales in Colorado Springs, visit Short Sales Frequently Asked Questions.

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