Many people have heard the term, "Short Sale" but don't really know what it is or how it works. A "Short Sale" is a term used to describe the agreement of the lender to accept less for the home than what is owed on it. This may seem like a simple process but it's not. In order for the lender to agree to accept less than what is owed, you must meet certain criteria.
(Home Affordable Foreclosure Alternatives)
It's important to know the rules and guidelines for the HAFA short sale program if you're considering the short sale option. Unfortunately, not everyone qualifies.
To qualify, you must:
- Own a home that was purchased before the year 2009.
- You must be living in the home as your primary residence, and must