When HAFA short sales first hit the scene in Sacramento, it was not uncommon to get many of these short sales rejected. That's because there were really no hard rules published about what will qualify a seller for a HAFA short sale. There were general guidelines for eligibility, but being eligible and qualifying are two different things. People get all excited when they are told they are eligible and they think it means they qualified for it, but that's not the case. If you are breathing, you might be eligible. You don't have to live in the home to qualify for a HAFA. There is no debt ratio required, like there used to be.
When I saw that Bank of America was leaning toward pushing HAFA short sales several years ago, I had to ask myself why. Especially when the bank seemed to prefer to do the HAFA short sales over the Cooperative short sales, or perhaps that was just their third-party vendors' opinions. But in any case, you've got to wonder about this if you do a lot of short sales as this Sacramento short sale agent does.
Read more in my personal blog today about A Good Reason To Do HAFA Short Sales in Sacramento.