Under HAFA, borrowers receive preapproved short sale terms from the lender prior to putting the home on the market.

Eligibility Requirements

The HAFA guidelines apply to lenders who voluntarily participate in the HAMP program. The Department of Housing and Urban Development says more than 100 servicers have signed up to participate in HAMP, covering more than 89 percent of mortgage debt outstanding in the country.

To be eligible for HAFA, homeowners must first apply for a loan modification through the www.makinghomeaffordable.gov, or HAMP. Owners who do not qualify for a loan modification or miss payments during the initial loan modification period qualify for HAFA.

Other HAFA requirements include:

• Property is principal residence.
• Mortgage originated before Jan. 1, 2009.
• Borrower is delinquent or default is foreseeable.
• Homeowner demonstrates hardship.
• Borrower's total monthly housing payment exceeds 31 percent of gross income.
• Unpaid principal does not exceed $729,750.

If you need help with this, want to learn more about short sales or want to sell your home, please give me a call/txt today -707 815-0569 or email at mhadeler@gmail.com .

My best to you-

Marcia