According to the CALIFORNIA ASSOCIATION OF REALTORS® Legal Department:
HAFA is a government-subsidized Home Affordable Foreclosure Alternatives program for distressed homeowners to sell their homes to avoid foreclosure, even if the sales price is not enough to pay off their existing mortgage loans. Under HAFA, a participating lender will pre-approve the terms of a short sale and give the borrower at least 4 months to market and sell the property using a licensed real estate professional.
REOMAC 2010 - REO & Short Sales
Stein, Baker, Thornburgh
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