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We are in mid-stream with a short sale....the seller has listed the property, accepted an offer, and filed paperwork with Chase to complete the SS process....two months after accepting the offer and 5 weeks after the BPO, the Seller decides to apply for HAFA.  

My questions are:

     *Are we back to ground zero?

     *What impact does this have to the Buyer, who has been waiting patiently, provided all necessary paperwork, pre-approval on the loan, earnest money, etc.

     *Does this increase or decrease chances of the SS coming to successful conclusion

     *Since there is a small 2nd mortgage, what happens to it?

     *Basically, is this good news or bad news for the seller?

     *Good or bad news for the buyer?

Thanks...looking for some quality feedback!!