Do you know the rules and guidelines for the HAFA short sale program? Do you qualify? Unfortunately, not everyone does. To qualify, you must own a home that was purchased before the year 2009. In addition, you must be living in the home as your primary residence, and must have been previously considered for other foreclosure prevention options including loan modification.
Borrowers must also meet HAMP eligibility, but can be either delinquent or current on their mortgage payments. Even if current, the borrower must be able to demonstrate financial hardship.
Here are a few guideline questions to ask yourself to determine your eligibility:
1) Is your home your primary residence? In other words, if you have multiple residences do you spend most of your time in this residence?
2) Is the amount you owe on your first mortgage equal to or less than $729,750? (Do not include the total of your second mortgage.)
3) Are you having ongoing financial trouble that makes it difficult for you to make your mortgage payments each month?
4) Did you get your current mortgage before January 1, 2009?
5) Is your monthly payment on your first mortgage (including principal, interest, taxes, insurance and homeowner's association dues, etc) more than 31% of your current gross income?
If your answers to all five of these questions are "yes", then it is very likely that you qualify to receive assistance through the HAFA program
Contact Ann Urias a HAFA Certified Expert
(714) 588- 7676
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