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Are You Eligible for H.A.F.A. Short Sale?
Below is the eligibility criteria for Fannie Mae Loans (revised just this week). Borrowers who are wondering about whether or not they qualify for a H.A.F.A. Short Sale should read on:
A borrower is eligible for HAFA (Home Affordable Forelosure Alternatives) if all the following requirements have been met in the listed order:
Borrower has qualified for a HAMP modification (Home Affordable Modification Program), based on verified income, BUT...was not offered a trial modification due to inability to meet HAMP qualifications (for example, did not pass the NPV test or meet the target monthly mortgage payment ratio) OR Failed to complete the trial period successfully; OR Became 2 consecutive payments (31 or more days) delinquent on the modified loan; OR Requests a short sale or DIL (Deed-in-Lieu of). One exception to the HAMP eligibility criteria regarding property occupancy allows a borrower to be eligible for HAFA if evidence is provided that he/she had to relocate to a new job or was transferred by an existing employer more than 100 miles from the property AND has not purchased a one- to four-unit property within 90 days prior to the date of a HAFA Agreement. The borrower has been considered for all other ... more
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