You also will be paid $3000 to pay for relocation costs. If you qualify for HAFA, then your mortgage company will work with you to short sell your home. The good news is that HAFA guidelines stipulate that after you sell your home, then you are released from the debt. This is the biggest reason some people choose the HAFA short sale program versus a conventional short sale.
To qualify for The HAFA program you must be suffering from a hardship (loss of income, increased mortgage payment, etc). It is unlikely that you will qualify for the program without a hardship. The mortgage that you owe to the bank or to a third party must be less than $729,750 and for your personal residence. In addition, you must have obtained your mortgage on or before January 1, 2009. Your mortgage payment, taxes and insurance payments must not be more than 31 percent of your total monthly income, and you should not have bought any property in the last 12 months. The program requires you to apply for the Home Affordable Modification Program (also known as HAMP) before moving forward with the short sale.