Are You Eligible for H.A.F.A. Short Sale?

Real Estate Agent with Coldwell Banker C&C Properties

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 home retention options as per Fannie Mae's loan workout hierarchy.
  • Lender has completed an evaluation of the borrower's financial condition and has determined that the borrower does not have an ability to contribute meaningfully to reducing the potential loss on the mortgage loan.

I encourage you to visit Fannie Mae's HAFA Procedures, this website provides you with tons of information you can print. Another resource we have found helpful is Fannie Mae's HAFA Short-Sales Fact Sheet.

As a Certified Distressed Property Experts, we are here to aswer any of our questions!

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Chris and Maria Jeantet, "the real estate couple"


CALL Chris at (530) 510-0810 or Maria at (530)510-8880






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Dave Halpern
Keller Williams Realty Louisville East (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Thanks for sharing the very useful links.

Jul 06, 2010 07:01 PM #1
Chris and Maria Jeantet
Coldwell Banker C&C Properties - Redding, CA
Redding CA Real Estate Couple

Thanks for stopping by Dave.

Jul 07, 2010 09:03 PM #2
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Chris and Maria Jeantet

Redding CA Real Estate Couple
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