Please remember that HAFA is a comprensive set of “Guidelines”. It is not law. The guidelines are not intended to be a one size fits all either. Each servicer (bank, lender) is currently employing their own version of HAFA. Some have not implemented their own guidlines yet and some are well down the road already.
The important facts to remember as a homeowner are that HAFA: is only for owner occupied properties, does not apply to second mortgages, can only be employed after loan modification has been pursued (HAMP), only applies to loans originated before 2009 and does have specific timelines. Having said that, homeowners need to know that even if they aren’t HAFA eligible, they can and in a lot of cases should still pursue Short Sale.
Remember to consult with an expert in Short Sales and to get help from a qualified attorney and/or accountant. I do extensive work with a network of accountants and attorneys. I find it ever so valuable to my clients to continually reach out to those experts.