Problems With Obama's Foreclosure Salvation (HAFA)

[MAZDAKPRODUCTION]

How about for the sellers that have gotton approved for a MOD at a payment they could afford, but the loan amount is not desirable because it is at double the value, so they did not sign the mod and went with a shortsale? what are the ramifications in this scenario?

[AllianceShortSales]

@MAZDAKPRODUCTION That is a great question. As soon as your seller misses the first payment on the new terms of the loan mod, they have defaulted on that loan mod which would potentially make them eligible for the HAFA program.

[MAZDAKPRODUCTION]

@AllianceShortSales they did not sign any of the loan mod paperwork because they were required to bring cash to the closing of the MOD that they do not have

[AllianceShortSales]

@MAZDAKPRODUCTION The seller can still pursue a short sale but may not be eligible for the HAFA program. It depends on the lenders interpretation of the guidelines. More than likely they will interpret it as the seller not accepting an approved loan mod therefore disqualifying them from HAFA. However, there is always the classic short sale process that they can still participate in.