I have started the short sale process with Bank of America and I am going through the federal program HAFA. I initiated the process but delayed submitting documentation longer than the mandated 14 day response window.

I have found documentation around the web that uses language similar to:

Homeowners must be considered for HAFA within 30 days if they cannot meet HAMP’s requirements or if they specifically request consideration for HAFA. However, the homeowner only has 14 days to respond to a written notice that HAFA may be available to them, giving the lender time to meet their 30-day deadline.

My question is... With HAFA can i reapply? or am I no longer able to do a short sale through HAFA? :(

  • Did you ask your banker? Any answer we can give will be a guess with out knowing your specific circumstance. – user4127 Aug 30 '11 at 14:14
  • Chad, as far as i know HAFA is government related. I believe ANY bank would have to adhere to their rules... – Mario Zigliotto Aug 30 '11 at 21:45
  • 3
    Yes and your banker will know how the rules apply to your case. – user4127 Aug 31 '11 at 15:13

Looking online, the HAFA program could be slightly different from lender to lender:

Requires all servicers participating in HAMP to implement HAFA in accordance with their own written policy, consistent with investor guidelines. The policy may include factors such as the severity of the potential loss, local markets, timing of pending foreclosure actions, and borrower motivation and cooperation. - Source

If each implementer is making the program according to their own written policies on timing, cooperation, etc., I don't think there is a generic answer to your question and you'll have to call the lender in question.

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