HAFA Short Sale
What is HAFA? Home Affordable Foreclosure Alternative
The Benefits of a HAFA Short Sale:
- No Deficiency Judgments
- No Cash Contributions at Closing
- No Promissory Notes
- $3,000 to Seller for Relocation Assistance
- Additional Incentives for 2nd Mortgages, up to $6,000 more at closing
Do you qualify for a HAFA Short Sale?
Eligibility Requirements (Government sponsored short sale)
- Must be primary residence
- First lien mortgage –cannot be a government loan
- Originated prior to 1/1/09
- Is delinquent or default is foreseeable
- Current unpaid principle balance is under $729,750
- Total monthly mortgage payment exceeds 31% of Monthly Gross Income