HAFA Short Sale rules updated for the better
NOTE: Credit bureau reporting rules regarding Short Sales
beginning June 1 2012
1.) Removal of owner occupancy requirement.
NOTE: borrower can not have purchased
another property within the past year.
2.) $3000 relocation assistance incentive.
Limited to owner occupant or tenant occupying property at time of sale.
3.) Mortgage payment during review period
may exceed 31% if borrower remains
current with their payments.
may exceed 31% if borrower remains
current with their payments.
4.) Junior lien holders are now allowed $8,500.
This should increase approvals by 2nd mortgage holders.
NOTE: Credit bureau reporting rules regarding Short Sales
are also changing but it is impossible at this time to determine
whether this change will cause less impact on borrower's credit scores.
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