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What is the differences between a Short Sale and HAFA?

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J. Guest	Posted: Mon Apr 18, 2011 6:16 pm    Post subject: What is the differences between a Short Sale and HAFA? Like 0 Dislike 0 Hello. So, our property is currently on a short sale. I was told by my agent that I should try to apply for HAFA. I don't really know how HAFA would help me us at this point or what differences would it make? Does any one know how HAFA works or that has gone through the program? Thank you.
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Apr 18, 2011 9:25 pm    Post subject: Like 0 Dislike 0 Hi Guest! Welcome to forums! If you go for a normal short sale, you will be liable for paying the deficient balance resulting from the sale of the property. However, the Obama Government has taken steps to make things easier for people who are facing hardship in paying off the loan. It has introduced the HAFA program which will help you to qualify for a short sale or deed-in-lieu of foreclosure. The benefit of a HAFA short sale is that you won't be responsible for paying the balance amount resulting from the property sale. Apart from this, you'll also receive $3,000 in relocation assistance upon successful closing of your short sale or deed-in-lieu of foreclosure. Feel free to ask if you've further queries. Sussane
J. Guest	Posted: Mon Apr 18, 2011 9:49 pm    Post subject: Like 0 Dislike 0 Thank you Sussane. But I read that HAFA is only for loans that are or guarantee from Fannie or Freddie, mine is not. Would I still be able to participate in this program? Thank you again.
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Tue Apr 19, 2011 9:44 pm    Post subject: Like 0 Dislike 0 Hi J., It is true that your loan is not guaranteed by Fannie Mae or Freddie Mac, then you won't be able to qualify for HAFA. Thanks

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