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Eligibility Requirements for HAFA Short Sales
Once the borrower is rejected for a loan modification through the HAMP Program, the borrower is then eligible to apply to the HAFA Short Sale program or pursue a Deed in-Lieu-of Foreclosure. Since I don't know why anybody in their right minds would do a deed in-lieu, I'll stick to the short sale process. HAFA will preapprove the price of that short sale and give the seller 4 months to sell the property through a real estate agent. Here are the eligibility requirements:
- Only personal residences are eligible.
- The mortgage amount must be less than $729,750.
- The seller must be in default or about to go into default.
- The mortgage originated before January 1, 2009.
- The seller was rejected by HAMP for a loan modification.
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