New HAFA Rules May Help You Qualify for a Preapproved Short Sale

As of Feburary 1st there will be some changes to the HAFA program.  These changes might help you qualify for a HAFA (pre-approved) short sale. 

Here are the changes that may help you:

1. Monthly Gross Income- It is no longer necessary to verify that your mortgage payment is more than 31% of your current monthly gross income.  All you have to do is file a  documented financial hardship when applying for a HAFA short sale.
2. Vacant Properties- Properties that have been vacant up to 12 months are now eligible for the non-GSE program (as long as the property was your primary residence and you  have not purchased another property in the past year).
3. You May be able to Rent Back Your Home-  The program now allows the loan servicer to create a  deed-for-lease with (or without) the potential for repurchase of the property at a later date.  This means that if the lender will allow it you can rent back your home until it is sold.  You also may have the ability to buy your home back at a later date.

If you are having trouble making your mortgage payments you have options.  Please contact me for a free consultation.