Home Buying in 95121>Question Details

Lakisha, Home Buyer in San Jose, CA

What is HAFA short sale approved?

Asked by Lakisha, San Jose, CA Sat Sep 22, 2012

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HAFA is a program designed for homeowners who are unable to afford their mortgages. These homeowners are at risk of losing their homes, even with loan modifications through the HAMP program. Under HAFA, homeowners may be able to avoid foreclosure by selling their homes through a short sale. There are certain conditions and restrictions as well as incentives that benefit the homeowner/seller. Consult a Realtor who is experienced with the short sale process or google for mrore information.
0 votes Thank Flag Link Sat Sep 22, 2012
It means that lender allows you to short sale your home at a price that is lower than your current mortgage balance.
The link can be found http://www.makinghomeaffordable.gov/programs/exit-gracefully… here or Google it.

Have good weekend!
0 votes Thank Flag Link Sat Sep 22, 2012
It means that the agent has already submitted to the Lender requesting a short sale and it has been approved per the guidelines of HAFA. The offer will still need to be approved. The understanding is that it should be a quicker turn around.
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Sat Sep 22, 2012
It means that the short sale on a specific home has been approved by HAFA guidelines. Here is a link for more information:
http://www.makinghomeaffordable.gov/programs/exit-gracefully…
0 votes Thank Flag Link Sat Sep 22, 2012
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