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March 09, 2011

Short Sale Eligibility

To fully explain short sale eligibility would almost require a book. The only established criterion is Home Affordable Foreclosure Alternative (HAFA) short sale program offered through U.S. government. All other programs requirements vary by lender.

HAFA short sale eligibility encompasses multiple factors. However, meeting each of the factors does not guarantee acceptance into the program. Instead, final decisions rest with the mortgage service provider.

Basic requirements for obtaining short sale approval under the HAFA program include:

1. Living in the home within the previous 12 months.
2. No real estate purchases made within previous 12 months.
3. Principal balance of first mortgage does not exceed $729,750.
4. First mortgage taken out prior to January 1, 2009.
5. Ability to provide documented financial hardship.
6. Property owner never convicted of certain types of felony crimes within the last 10 years.

Real Estate Investing article on "Short Sale Eligibility "

February 08, 2011

Short Sale Eligibility

Short sale eligibility requirements vary by lender and available programs. Today, many homeowners struggling to avoid foreclosure are turning to the Home Affordable Foreclosure Alternative Program (HAFA) offered through the U.S. government.

HAFA short sale eligibility requirements are provided in detail at the Making Home Affordable website. In order to qualify, homeowners must undergo a financial audit to ensure they are ineligible for a trial mortgage modification under Home Affordable Modification Program (HAMP) or mortgage refinance under Home Affordable Mortgage Refinance (HARP).

Real Estate Investing article on "Short Sale Eligibility"