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HI Tracy, I'm not a pro. I'm simply another NFCU homeowner. Through my own research I have learned that NFCU only participates in HAFA if your loan is owned by NFCU. Additionally, they will consider a short sale if you are current. If your loan is owned by Fannie Mae, that's a different story. NFCU is simply the servicer. NFCU does not participate with HAFA for Fannie Mae loans. Additionally, Fannie Mae requires the seller to be in default before they will consider a short sale. This is what Fannie Mae told me over the phone.
I'd suggest calling NFCU and asking them. Also, check to see if your loan is owned by Fannie. It's been a while since your post. How are you getting along with your shortsale?
Our loan is owned by NFCU. After talking to many real estate agents it seems like the best option is to rent out the house. We live in Norfolk, big military area, and houses are getting rented before an offer comes in. That's the thing with short sale, you still need an offer. There are so many houses for sale right now it's crazy. Of course there are also tons for rent too.
Thanks for the advice, we will see how this all works out.
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