Knoxville TN HAFA Short Sale Process

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Borrower Does Not Qualify for HAMP Trial or Can Not Complete Trial	Borrower is Delinquent on HAMP by at Least 2 Payments	Borrower Requests a Short Sale

	Lender must consider and document borrowers eligibility for HAFA within 30 days	Ineligible	Lender Documents Date and Outcome of Consideration
Key - Borrower - Lender	Eligible
Key - Borrower - Lender	Lender must send borrower notification of short sale in writing		Consult a Knoxville, TN Short Sale Agent To Explore Other Stop Foreclosure Options

	Borrower contacts the servicer within 14 days of notification and requests consideration

	Lender reviews borrowers financials and assesses the current value of the property. Lender also reviews information on junior liens.	Ineligible	Lender communicates the decision in writing and explains why a HAFA short sale is not available.
	Eligible
	Lender issues a short sale agreement filled out with loan information and a request for short sale approval.		Consult a Knoxville, TN Short Sale Agent To Explore Other Stop Foreclosure Options

	Borrower must list the property with a licensed Knoxville, TN Real Estate Agent To Proceed

	Borrower must sign and return short sale agreement along with copy of listing agreement within 14 days.

	Borrower is allowed 120 days to obtain an offer

	Borrower receives an offer and submits it to lender within 3 days along with request to approve short sale.

	Lender must sign and return request to approve short sale within 10 business days indicating approval or denial of offer.	Offer Not Approved	Lender must send notification stating reason for denial
	Offer Approved
	Lender may require the closing to take place within a reasonable time frame, but not less than 45 calendar days from approval date.		Consult a Knoxville, TN Short Sale Agent To Explore Other Stop Foreclosure Options

	Closing Process Success!

	Lender releases 1st lien within 30 business days of funding and the investor waives the right to seek a deficiency judgment.

If you have any questions about the Home Affordable Foreclosure Alternatives (HAFA) short sale process or have decided a short sale may be right for you, contact a Knoxville, TN CDPE today by using the form below or call us now at 865-310-0636.

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INFORMATION DEEMED RELIABLE, BUT NOT GUARANTEED. The above brokerage assumes no responsibility nor guarantees the accuracy of this information and is not engaged in the practice of law nor gives legal advice. It is strongly recommended that you seek appropriate professional counsel regarding your rights as a homeowner. The above brokerage is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

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David Hamilton
REALTOR®, SRES®, CDPE
Ferguson Realtors
8085 Kingston Pike
Knoxville, TN 37919
Cell 865-310-0636
Office 865-690-1300
Toll-Free 800-747-0713

By completing a form on this site, you are making an inquiry and are granting your permission for an agent to contact you via telephone and/or email.

The above brokerage assumes no responsibility nor guarantees the accuracy of this information and is not engaged in the practice of law nor gives legal advice. It is strongly recommended that you seek appropriate professional counsel regarding your rights as a homeowner. The above brokerage is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

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