Nationstar Mortgage just notified me that a loan has been denied for a Fannie Mae HAFA Short Sale because the borrower is not eligible for HAMP.   The reason is that the borrower participated in a six month "unemployment modification loan program."  That program ended in June and the loan payments reset to the original amount.  The borrower is still unemployed, cannot afford the payments and  must now sell the house short.  Has anyone dealt with a similar situation?   Thanks.

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YES! I have one now - closing next week. My seller has been unemployed for 2 years and has been seeking work. Fannie Mae will NOT do a HAFA short sale if the borrower is unemployed. I couldn't believe it! They, most of all, need the relocation allowance. I spoke with a rep from Fannie Mae and they confirmed this. It is also in their guidelines. It does not have anything to do with the loan mod that the borrower participated in. They told me that an unemployed borrower is not eligible for HAMP, therefore, they can not be considered for HAFA short sale...period. We did, however, receive the "traditional" short sale approval.

Nationstar is not in the business of helping you. They are in the business to make as much money as possible and the best way to do that, for them, is to deny loan mods and short sales while planning to get the home for themselves. As you deal with them you will see this to be true over and over again. 

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