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Short Sale Programs. Home Affordable Foreclosure Alternatives Program (HAFA). The expansion of the government’s Home Affordable program introduces new benefits for those homeowner’s who are no longer able to retain their home but would still like to avoid foreclosure. To qualify under

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home affordable foreclosure alternatives program hafa
Home Affordable Foreclosure Alternatives Program (HAFA)

The expansion of the government’s Home Affordable program introduces

new benefits for those homeowner’s who are no longer able to retain

their home but would still like to avoid foreclosure. To qualify under

Home Affordable Foreclosure Alternatives (HAFA), homeowner must meet

the Eligibility criteria for the Home Affordable Modification Program


Why Should Homeowner Consider a Short Sale?

If homeowner owes more on their mortgage than the home is worth and

is unable to keep up with their mortgage payments, An-eligible

Short Sale will:

  • Help homeowner avoid foreclosure
  • Potentially allow homeowner to be “fully released” from any further liability on their mortgage.
  • Provide financial assistance to help with relocation expenses.
general eligibility criteria is as follows
General Eligibility Criteria Is As Follows:
  • Homeowner is facing hardship which prevents them from being able to maintain the monthly mortgage payments
  • (HAFA)Mortgage is primary residence (Chase) Expands beyond primary residence
  • (HAFA) Loan is a first lien mortgage originated on or before January 1,2009 (Chase) Restriction removed for consideration
  • (HAFA)The outstanding loan balance is under $729,750 for a SFR (Chase) Restriction removed for consideration
  • Total monthly payment on mortgage is more than 31% of

the homeowner’s gross income of all borrower’s on the loan

Already been considered for a HAMP and one of the following is


  • Borrower does not qualify for a Trial Plan
  • Borrower has successfully completed the Trial Plan Period
  • Borrower is delinquent on HAMP trial plan, missing at least two

consecutive payments

  • Borrower requests a Short Sale or a Deed-in-lieu
chase short sale program
If homeowner does not meet the eligibility criteria under

HAFA, they may still be able to work with Chase on a short sale.

We have adapted the same Short Sale information Packet to meet

The needs of all our customers interested in exploring short sale as

a workout option.

This includes 1-4 Unit properties, owner occupied, non-owner occupied and second homes.

Does Borrower have to complete more Paperwork?

The Chase Short Sale Information Packet provides full details of the

Information required. If customer recently completed the Chase loan

modification request, some of the documentation related to the

Request for Modification and Affidavit can be used, but we will need

new information pertaining to the Short Sale of your home.

Chase Short Sale Program
In order for us to evaluate homeowner’s Short Sale Request, homeowner

must gather the required documentation (listed below):

1. Required documentation- may need to be obtained from Real Estate Agent

  • Listing Agreement
  • Detailed Listing History (MLS Printout)
  • Sales/Purchase Contract (signed offer-If Available)
  • 3 Comparable Active Listings/ 3 Comparable Sales/ Pictures of the

Property & Neighborhood (BPO)

  • Estimated HUD1 Closing Statement

2. Authorization to Provide and Release Information- must complete and sign. Grants Chase permission to provide information pertaining to homeowner’s mortgage to Realtor.

How is the value of the property determined?

Chase will independently establish property value and an approved list

price. We’ll provide you with instruction regarding the list price and any

permissible price reductions. The Home’s selling price may be based on


  • An appraisal performed in accordance with the standard appraisal practices
  • One or more Broker Price Opinions, of which must be dated within 120

days of the Short Sale Agreement

How long is the Short Sale Process?
  • You will be allowed 120 days* to market and sell the property.
  • The property must be listed with a licensed real estate agent experienced in selling properties in the neighborhood.
  • Marketing of the property may run at the same time as the foreclosure

process. No foreclosure sale can take place during the marketing period

specified in the Short Sale Agreement as long as customer is acting in good

faith to sell the property.

  • Extensions to the 120 day selling period would be considered on a case

by case basis (capped at a maximum of 1 year per program requirements)

Customer must contact their real estate agent & Chase Short Sale Specialist if more time is needed.

Can Homeowner select their own real estate agent?


Chase Homeownership Centers will refer customers to the following


WWW.REOCHASE.COM If Homeowners are in need of Realtor Referrals.

To be considered for marketing Chase REO Properties go to

WWW.REOVENDOR@CHASE.COM and submit necessary information.

This could guide a potential customer to you for referral of a listing.