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Posted by Carolyn Kruse on April 1, 2010 at 4:00pm

Here are the basic eligibility requirements.

* The property is owner occupied.

*The mortgage loan is a first lien mortgage and originated on or before 1/1/2009.

*The mortgage is delinquent or default is reasonably forseeable.

*The current unpaid principal balanceequal to or less than $729,750.

*The borrower's total monthly mortgage payment exceeds 31% of his or her gross monthly income.

The lender must evaluate and offer a HAMP mod to borrower before consideration to HAFA options.

hafa, hamp, guidelines, modification, mortgage, sales, short

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Shelley Gross April 10, 2010 at 8:46am

Hi,
Do you realize the new program will not give the seller's money when they leave the home if they are behind which of course everyone is.
Catherine Marie Carruth April 7, 2010 at 6:09am

Easer to say who's not eligible: FHA, VA, Freddie Mac, Fannie Mae - not too many investors
Steele V. Propp April 2, 2010 at 5:10am

My reading of the HAFA rules suggests that the borrower does not have to go through HAMP but can request a short sale direct if they fit the rest of the requirements. If that is not correct could you show us where it says that?