Traditional Short Sale

HAFA Short Sale

General Qualifications

Each customer situation is considered separately by investors
  • Participating Investors Only
  • Unpaid principal balance < $729,750* (1 Unit)
  • Primary residence
  • Monthly mortgage payment >31% of gross monthly income
  • Completed documentation per Treasury

Initiate Process

When you receive a valid offer
Prior to receive a valid offer or upon receipt of an offer

Timeline for Decisions

The offer starts the process and a number of steps need to be completed prior to decision:

  • Offer/Call
  • Collect documents
  • Payoff & internal analysis
  • Investor review
  • Decision

PRIOR TO the marketing phase:

  • Qualification
  • Collect documents
  • Payoff & internal analysis
  • Investor review

Once an offer has been submitted, you will receive a decision within 30 business days.

Cash/Promissory Note

The investor may require
No

Deficiency Pursued

The investor may retain the right
No

Foreclosure Holds

Varies by investor/Requires investor approval Policies subject to change
Auto HOLD with signed Purchase Agreement

Credit Impact

Typically less than foreclosure - deficiency charge off will be reported to credit bureaus - varies for different investors
Typically less than foreclosure - deficiency charge off will be reported to credit bureaus - varies for different investors

Approval/Closure Rates

Low-Medium
High after qualification

Relocation Assistance

None
$3,000