HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New Guidelines For HAFA Short Sales

Often we hit the distressed property information circuit to keep up on the latest 411 about the real estate world. Yesterday, we met with the Wells Fargo short sale/REO liaison who covers the San Francisco Bay Area region and she updated us about Wells Fargo in the short sale world.

One of the key takeaways for the meeting, other than short sales in general do NOT seem to be getting shorter, would be the under publicized new guidelines for HAFA.

Although well meaning, short sales that go the HAFA route still take longer than conventional short sales. The good news for distressed homeowners who qualify for HAFA based short sales is that the homes can now be non-owner occupied and still qualify. The updated guidelines:

Homeowners must have lived in the property in the past 12 months
Have a hardship
Value of home must be below $729,750
The mortgage must have originated before 1/1/09
No convicted felonies

The easing of the non-owner occupied rule will make it easier for some homeowners to qualify for HAFA. Now only if the processing and valuation issues could be resolved then HAFA might actually work as intended.

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

New HAFA Short Sale Guidelines Update

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2 Comments

Filed under Banks, San Francisco, short sales

2 responses to “HAFA Short Sale Guidelines Update

  1. Pingback: Wells Fargo Short Sale Guide Updated Info | Resource Blog

  2. Pingback: HAFA Short Sale Changes Coming In 2013 | Resource Blog

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