f a homeowner has moved out and rented another home and wants to short sale ,can he still be approved despite his mortgage being current? 

Bought home at in 2005 and now underwater and cannot afford the mortgage payments but has been making payments since he does not want to ruin his credit. 

Can he still qualify for HAFA with a relocation incentive? He still maintains the house utilities and all. 

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  • It very much depends on many things. I have my short sale sellers monitor their credit after a short sale and the sellers who have successful short sales without missing a payment have not even seen a blip in their credit.  Many of them do not even have anything on their credit  report indicating they did a short sale.  The sellers who miss payments often see a hit to their credit and depending on the number of missed payments can see a significant decrease in their credit score.

    I tend to disagree that a short sale will have the same credit affect as a foreclosure, some cases maybe but not in all cases.  I may affect their ability to purchase another home depending on the way it is reported on the credit report.

  • Esperanza, the moving out is play, but it depends on what investor owns the loan and if they participate in HAFA. You may get the same terms from a non HAFA short sale though.
    • play=okay

  • It depends on the Servicer and the type of Loan.

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