HAFA Short Sale Chart

AFA Short Sale Process

HAFA (Home Affordable Foreclosure Alternatives) is a program that was initiated by the government for Fannie Mae, Freddie Mac, and US Treasury homes that need to do short sale. Below is a flow chart that helps the home owner and the real estate agent through the process of dong a HAFA short sale.

Here are a few definitions that will make this chart easier to understand:

1. Servicer - the company to which the borrower makes payments.
2. SSA (Short Sale Agreement) - the agreement outlines the roles and responsibilities of the servicer and borrower and provides key marketing terms.
3. RASS (Request for Approval of Short Sale) - the documents that the borrower submits to the servicer to request approval of a short sale contract based on a previously issued SSA.
4. HAMP - Home Affordable Modification Program

For more information about HAFA short sales in the Charleston, SC real estate market, please give me a call or send me an email. I'd be happy to sit down with you to determine if you qualify for this program.

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