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Continue Return to GMAC MortgageThe HAFA program became effective April 5, 2010 and expires December 31, 2012.
Your agent will use our secure upload website from Equator Financial Solutions to upload your documents. Agents can also use the Equator site to communicate with us by secure email.
The Fair Market Value, or your listing price, is established by the Broker Price Opinion (BPO). While your house is for sale, we will review the list price of the property every month, and if no offer is received we will notify you of any reduction in price.
If you disagree with the listing price or valuation for your home, you or your agent will need to send us:
Ask your agent to send documentation that helps support your claim directly to our Equator upload system or email them to your Short Sale Associate.
We'll review your dispute and respond with a decision within 5 to 10 business days.
Yes — payments are required during the HAFA process. If you think you won't be able to keep making your home loan payments, you may want to consider applying for HAFA through the Alternative Request for Approval of Short Sale (ARASS) process. With ARASS, you may be able to sell your property even quicker than through a traditional HAFA short sale.
If your home is owned by Freddie Mac you will not be able to apply through the ARASS process.
Yes, a HAFA short sale will have an affect on your credit. But your situation could be better than if you had allowed your home to go through the foreclosure process. By successfully selling your home through a HAFA short sale, your loan will be reported to the credit agencies as "paid for less than full balance" and this could help you get back on the road to better credit sooner. Before making this decision, we recommend consulting your tax advisor.
Once all of your documentation and the Broker Price Opinion (BPO) value are received — and your HAFA requirements are met — we should be able to issue the Short Sale Agreement (SSA), an approval, denial, or counter offer within 15 days.