6 months ago our market analysis was about 165,000 now it's 140,000, we owe 160,000.  We will be getting orders (navy) to move in August.  We are current on our mortgage and make enough to pay it until we are forced to move.  Our loan is NOT a freddie or fannie loan.  Our mortgage is through Navy Federal and I think it is owned by them. 

My question is, can we start the short sale process while current in our mortgage because we will not be able to support 2 households once we have to move?  We really need to keep the damage to my husbands credit at a minimal because he is in the nuclear field and needs to keep his security clearance.   This one mistake could ruin our lives.

It looks like I can call my bank and ask for their hafa policy.  Is that true?  Is there one policy for this type of loan. 

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Thanks for the reply Tracy,

We do not have a VA loan.  My husband talked to his command and navy legal and they told him that a short sale should not hurt his credit enough to effect his clearance, foreclosure, yea that's another story.  His clearance is redone every 10 years and we still have 4 on the current one. I don't think we will qualify for hafa anyways.  It says that if the bank thinks that we can contribute anything to the sale then we don't qualify.  I'm pretty sure they will want us to contribute cash or a loan or something.

What state do you live in? Do you live in the house? There are rules for eligibilty requirements for HAFA. I had a client tell me the same thing then turned in evrything for him myselff and he qualified. It depends on what you are doing.
We live in Virginia and yes, right now we do live in the house, although it looks like that requirement was changed with the new rules that took effect Feb 1.  I asked my bank, Navy Federal, for their written rules for HAFA and was told there was nothing he could send me.  I would have to apply for a short sale and they would reply telling me if I qualify or not and why.  Does that sound right?
maybe he was saying that I had to apply for HAFA

Tracy the Navy Ferderal does not set the guidelines the givernment does so they are the same no matter what bank it is with,. Here is the web site straight from HUD to give you everything you want to know about HAFA. http://www.makinghomeaffordable.gov/programs/exit-gracefully/Pages/...

 

Hope this helps you. You need a very experienced agent  like most of are here in order to get it done correctly. You can apply for HAFA before you even have an offer on your house. The form is also on that site that you can download in order to give to Navy Federal once you have completed it along with all of the documents that the require.

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