Freddie Mac Does Not Allow HAFA Post Contract

Freddie Mac and Fannie Mae recently announced a program similar to the government supported “Home Affordable Foreclosure Alternative” program. Although the programs are similar, you should be aware of some of the differences between each program. Most importantly, a Seller may not be eligible for HAFA if they have a Freddie Mac backed loan and a contract has been executed. As such, we recommend that if you plan to represent short sale sellers, that you contact a short sale negotiator at listing (or before you execute a contract with a buyer) to determine the HAFA requirements for that particular lender. There is a matrix comparing the non-gse, Fannie Mae, and Freddie Mac guidelines. If you would like this matrix or have any questions regarding the differences, please call Berlin Patten at 941-954-9991.

Written and posted by Karen Gagliardi, Business Development Coordinator for Berlin Patten, PLLC.

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2 thoughts on “Freddie Mac Does Not Allow HAFA Post Contract

  1. Is there any published info for non-delinquent short sales for investment properties that you can point us to? We have been working with OneWest Bank on two investment properties that we will have to short sell. FreddieMac evidently is the investor. We had a buyer but the negotiator wants us to pay thousands toward the sale. Since I recently lost my job, we can’t afford to do that now. The negotiator told us to check the FreddieMac website as there are 12-15 programs available. I think he is mistaken as I cannot find any info there. Any help you can provide would be appreciated.,

  2. My guess that this would be a ‘fairly’ easy fix. Just advise all parties to cancel the Contract until such time an SSA is received.

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