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Every short sale transaction is not the same, and a lender should approach them all differently. HAFA requires the lender to identify the borrowers minimum net proceeds ahead of time, and the guideline requires 120 day period to change that value. So what does this mean, that if a property falls outside of the minimum net proceeds, it isn’t eligible under HAFA. Sounds ridiculous to me. This is such a shame; as a house is worth what a house is worth and no more, and even in the span of 120 days the criteria used can and most likely will change. It removes flexibility from the process, which is critical when handling these types of transactions.