making home affordable: Are You Eligible for H.A.F.A. Short Sale?
- 07/01/10 09:18 PM
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
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