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As servicers begin to implement the HAFA (Home Affordable Foreclosure Alternatives) program reliable information regarding the program is vital. I have always found it useful to approach things in a "step-by-step" fashion and I believe this approach certainly has merit when applied to HAFA and how it relates to short sales.

The first thing homeowners considering a HAFA short sale should know:

1. If your loan is owned by Fannie Mae or Freddie Mac then you are NOT eligible for HAFA. (as of the writing of this blog post 4/14/10) This does not mean you will not be able to achieve a successful short sale. Simply put... successful short sale transactions have been transpiring for several years now without the aid or intervention of government. Do not be discouraged if HAFA is not available to you for this reason. Find an experienced short sale agent and consult with them to see if you are a good candidate for a non-HAFA short sale.

Note: Fannie Mae and Freddie Mac will not be your servicer. Your loan may be serviced by Bank of America, Chase, Indymac, etc and still be owned (investor) by Fannie Mae or Freddie Mac. I like efficient solutions that are quick and to the point. Use the links below to Fannie and Freddie websites and determine if your loan is owned by either one. For more detailed information about HAFA and short sales visit IML REAL ESTATE SHORT SALE RESOURCE PAGE.