Making Home Affordable HAFA Short Sale Agreement (Form 184) 2013-2025 free printable template

INSTRUCTIONS HAIFA Short Sale Agreement Defines the terms and conditions of a short sale, including the following: listing agreement, maximum real estate commissions and marketing terms; service and

How to fill out Making Home Affordable HAFA Short Sale

How to fill out Making Home Affordable HAFA Short Sale Agreement

1. Obtain the Making Home Affordable HAFA Short Sale Agreement form from your lender or financial institution.
2. Read the instructions carefully to understand the eligibility criteria and terms.
3. Fill in your personal information, including your name, address, and contact details.
4. Provide your loan information, including the loan number and type of loan.
5. Complete the property details section by providing the address and description of the property.
6. Include information regarding your financial hardship, outlining the reason for the short sale.
7. List any liens or additional debts associated with the property.
8. Review the terms and conditions of the agreement, ensuring all required fields are completed.
9. Sign and date the agreement, and ensure any co-owners also sign.
10. Submit the agreement to your lender along with any required documentation for processing.

Who needs Making Home Affordable HAFA Short Sale Agreement?

1. Homeowners who are facing financial hardship and are unable to continue mortgage payments.
2. Individuals whose homes are valued less than the outstanding mortgage balance.
3. Borrowers looking to sell their property through a short sale to avoid foreclosure.
4. Homeowners seeking a structured process for selling their home with assistance from the HAFA program.

People Also Ask about

What is a HAFA short sale?

Under HAFA, homeowners may be able to avoid a foreclosure by selling the home as a “short sale” (where the value of the home is less than the remaining amount of the mortgage) or by transferring title to the lender through a process called a “deed-in-lieu of foreclosure.”

Why might a lender approve a short sale?

If the seller can show the bank that a short sale is a better option than a foreclosure, then the bank will approve it. That is typically how you get an approved short sale.

What is the downside of a short sale on a home?

Short sales are a mixed bag for the buyer, the seller and the lender. If you're a seller, a short sale is likely to damage your credit — but not as badly as a foreclosure. You'll also walk away from your home without a penny from the deal, making it difficult for you to find and pay for another place to live.

What is the waiting period for a FHA loan after a short sale?

FHA loan – For an FHA loan, you'll likely have to wait three years to get a mortgage after a short sale unless you can prove extenuating circumstances, which could shorten the wait to one year.

What is a short sale approval letter?

A short sale approval letter is a letter that a lender issues to the seller if a short sale offer is approved for less than the amount the borrower owes on a mortgage. It's issued by the lender at the end of a short sale to demand the "short" loan payoff in return for releasing the lien on the property.

Who must give approval for a short sale to go through?

Key Takeaways. A short sale usually indicates a homeowner in financial distress, a real estate market in the doldrums, or both. The short sale must be approved in advance by the mortgage lender.

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What is Making Home Affordable HAFA Short Sale Agreement?

The Making Home Affordable HAFA Short Sale Agreement is a program that allows homeowners who are struggling with mortgage payments to sell their homes for less than the amount owed on the mortgage, with the lender's approval, to avoid foreclosure.

Who is required to file Making Home Affordable HAFA Short Sale Agreement?

Homeowners who are seeking a short sale under the HAFA program must file the Making Home Affordable HAFA Short Sale Agreement. The lender or servicer involved in the mortgage also plays a role in the process.

How to fill out Making Home Affordable HAFA Short Sale Agreement?

To fill out the Making Home Affordable HAFA Short Sale Agreement, homeowners need to provide necessary details about the loan, property, financial situation, and any relevant documentation requested by the lender or servicer. It's often recommended to seek assistance from a real estate professional or attorney.

What is the purpose of Making Home Affordable HAFA Short Sale Agreement?

The purpose of the Making Home Affordable HAFA Short Sale Agreement is to facilitate a quicker and more streamlined process for homeowners to sell their properties through a short sale, allowing them to avoid foreclosure and minimize financial impact.

What information must be reported on Making Home Affordable HAFA Short Sale Agreement?

The information that must be reported on the Making Home Affordable HAFA Short Sale Agreement includes the homeowner's financial information, property details, the reason for short sale, and any agreements between the lender and homeowner regarding the sale.