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Policy Changes for HAFA - effective. Feb. 1, 2013
While the average time for short sale approval has decreased from 14 months to about 4 months since the HAFA program was launched, there's hope for an even speedier process. Mortgage servicers must now decide within 30 days whether or not to approve a borrower’s request for a HAFA Short Sale. Additionally, a Pre-determined Hardship is now adequate for approval and the Hardship Affidavit can be completed at closing as long as the borrower meets the requirements: If the borrower is 90 days or more delinquent on their mortgage and has a FICO score of less than 620, it is considered a Pre-determined Hardship.
More great news is that it's no longer a requirement that properties be owner occupied to be eligible for short sales, Primary Mortgage holders can pay $5,000 to smaller lien holders - up from the previous $2,000, and HAFA may provide Relocation Assistance up to $3,000 for sellers on closing.
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