Register Real Estate Advisors » selling short sales http://rrea.com Specializing in Houston and Northern Suburbs - The Woodlands, Spring, Tomball, Cypress, and Houston, Texas Sun, 05 Feb 2012 09:36:00 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Short Sales – Which loans are eligible? http://rrea.com/blog/short-sales-which-loans-are-eligible/ http://rrea.com/blog/short-sales-which-loans-are-eligible/#comments Mon, 01 Feb 2010 16:20:12 +0000 Shannon Register, Broker/Owner http://rrea.com/?p=2881 The Home Affordable Foreclosure Alternative Program (HAFA) will be providing short sale guidelines for loans not owned or guaranteed by Fannie Mae and or Freddie Mac starting in April 2009.  For the property to be eligible it must be the borrower’s principle residence, first lien mortgage originated on or before January 1, 2009, and the mortgage is delinquent or will be going delinquent in the foreseeable future.  The current unpaid principal balance must be equal to or less than $729,750.  The borrower’s total monthly mortgage payment has to exceed 31% of the borrower’s gross income.  Fannie Mae and Freddie Mac are expected to come up with their own guidelines soon.

"Short Sales – Which loans are eligible?" was originally posted as a blog post at RREA.com on February 1, 2010.

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