Short Sales – Which loans are eligible?
The Home Affordable Foreclosure Alternative Program (HAFA) will be providing short sale guidelines for loans not owned or guaranteed by Fannie Mae and or Freddie Mac starting in April 2009. For the property to be eligible it must be the borrower’s principle residence, first lien mortgage originated on or before January 1, 2009, and the mortgage is delinquent or will be going delinquent in the foreseeable future. The current unpaid principal balance must be equal to or less than $729,750. The borrower’s total monthly mortgage payment has to exceed 31% of the borrower’s gross income. Fannie Mae and Freddie Mac are expected to come up with their own guidelines soon.
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