HAFA SHORT SALE

How do we determine whether the Short Sale is a HAFA, or traditional S/Sale?  Is the seller/borrower notified by the lender?  Or, do are we notified if and when we submit S/S Package?

I have had training on HAFA, but did not learn exactly who makes the determination of whether it is a HAFA S/S.

thank you

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Permalink Reply by Tracy Gibson on July 20, 2010 at 1:43pm
If you client is eligible for HAFA, have them call the bank to get started. Or if you have already sent in your authorization, ask the bank to send it.

If the loan is Freddie Mac or Fannie Mae then this is from Freddie's website: >>

HAFA is being use to offer "pre-approved" short sales. They do everything that needs to be done before an offer, then when you get an offer, they are supposed to respond in 10 days. You will have to list for 120 days, they are supposed to set the price (scary). Then if it does not sell, they offer the borrower a deed in leui. I suspect that if they borrower turns them down, they will probably extend that time. Not sure.

I have 3 HAFA short sales in Bank of America for properties here in Monmouth County, NJ. I have one in Chase. I have one that I am about to submit without an offer. It is Freddie Mac. We shall see.
Permalink Reply by Terri White on July 21, 2010 at 2:28pm
Thank you for the response and for confirming what I thought. Good luck to you in your Short Sale transactions!

Tracy Gibson said:
If you client is eligible for HAFA, have them call the bank to get started. Or if you have already sent in your authorization, ask the bank to send it.

If the loan is Freddie Mac or Fannie Mae then this is from Freddie's website: >>

HAFA is being use to offer "pre-approved" short sales. They do everything that needs to be done before an offer, then when you get an offer, they are supposed to respond in 10 days. You will have to list for 120 days, they are supposed to set the price (scary). Then if it does not sell, they offer the borrower a deed in leui. I suspect that if they borrower turns them down, they will probably extend that time. Not sure.

I have 3 HAFA short sales in Bank of America for properties here in Monmouth County, NJ. I have one in Chase. I have one that I am about to submit without an offer. It is Freddie Mac. We shall see.
Permalink Reply by Tracy Gibson on July 22, 2010 at 1:50am
The section from fanniemae's website that I meant to post above did not come through. For all the info here is the link:
https://www.efanniemae.com/sf/servicing/hafa/

Freddie Mac:
http://www.freddiemac.com/singlefamily/service/hafa.html

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