HAFA Short Sale Timeline
- Bank has 30 days to approve or deny the HAMP loan modification, the borrower can reject the HAMP and proceed with a short sale
- Borrower has 14 days to accept short sale agreement and submit listing documents
- Borrower submits short sale package to lender
- Bank orders appraisals and determines minimum short sale price
- Borrower has 120 days to sell through Realtor
- Realtor must submit short sale offer to bank in 3 days
- Bank has 10 days to approve or deny the short sale offer
- Short Sale Buyer has a minimum of 45 days to close the short sale
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