IF you get approved for HAFA and close under HAFA short sale

HAFA is a deficiency free short sale that actually provides $3,000 to sellers for relocation expenses. You have to qualify for the program and it does add significant time to the process. Some lenders will not participate and some investor do not participate.

To find out if HAFA is possible for you can call your lender. The person you speak to may not have all the information required to correctly advise you. They also cannot tell you over the phone if you WILL get HAFA approved. That process takes a while.

A HAFA short is done a different way than a traditional short. With HAFA you must fill out a packet for both HAMP (modification) and HAFA (sale) at once. The RDC or third party that facilitates HAFA and HAMP with your lender and investor work your information for a determination of approval. It’s very hard to and slow to get HAFA with Fannie Mae as the investor. Easier if it’s Freddie Mac. You must be late to be considered with Freddie Mac, not with Fannie Mae.