HAFA Short Sales - Borrower/Homeowner Requirements 

For Homeowners/Borrowers that are determined to be eligible for the HAFA short sale program, here are the requirements that the Homeowner/Borrower must follow:

  • Requires that the property be listed with a licensed real estate professional who is regularly doing business in the city where the property is located.
  • The borrower must sign and return the Short Sale Agreement within 14 calendar days from its Effective Date along with a copy of the real estate broker listing agreement and information regarding any subordinate liens.
  • A borrower may not participate in a HAMP Trial Period Plan and agree to a HAFA Short Sale Agreement simultaneously. If you want to apply for a HAMP loan modification, this should be done BEFORE attempting a HAFA short sale.
  • A statement by the borrower authorizing the servicer to communicate the borrower’s personal financial information to other parties (including Treasury and its agents) as necessary to complete the transaction.
  • Notice that the sale must represent an arm’s length transaction and that the purchaser may not sell the property within 90 calendar days of closing, including certification language regarding the arm’s length transaction that must be included in the sales contract. (You can't sell the property to Mom, Dad, Sister, Brother or children.)
  • The amount of the monthly mortgage payment, if any, that the borrower MAY be required to pay during the term of the HAFA short sale agreement will not exceed 31% of the borrower’s gross monthly income. (The Servicer may require that you pay a portion of your mortgage up to 31% of your Gross Income in order to approve you for the HAFA short sale program.)
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    Cooperate with the listing broker to actively market the property and respond to servicer inquiries.

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    Maintain the interior and exterior of the property in a manner that facilitates marketability.

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    Work to clear any liens or other impediments to title that would prevent conveyance. (Keep your HOA payments and Trash/Sewer payments current. Junk fees for not paying your HOA dues can create severe complications.)

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    Make the monthly payment stipulated in the HAFA SSA, if applicable. (If you cannot make payments and the loan servicer requires it to participate in the program, you can still attempt a Traditional Short Sale.)

Cause for Termination from the HAFA Short Sale Agreement

The Servicer MAY terminate the HAFA short sale agreement during the agreed upon time frame to perform the HAFA short sale if any of the following happen:

  •  The borrower’s financial situation improves significantly, the borrower qualifies for a modification, or the borrower brings the account current or pays the mortgage in full.
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    The borrower or the listing broker fails to act in good faith in listing, marketing and/or closing the sale, or otherwise fails to abide by the terms of the SSA.

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    A significant change occurs to the property condition and/or value.

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    There is evidence of fraud or misrepresentation.  (DO NOT LIE about your financial situation. This is Mortgage Fraud.)

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    The borrower files for bankruptcy and the Bankruptcy Court declines to approve the SSA.

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    Litigation is initiated or threatened that could affect title to the property or interfere with a valid conveyance. (Pay your Association Dues.)

More Details about the HAFA Short Sales Program.

For personal one on one consultation with an Experienced Las Vegas Short Sales Agent concerning a Short Sale, please fill out the following infromation or call 702.592.3058.

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