HAFA Short Sale

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Mortgage

when the homeowner sells the property for less than the full amount due on the mortgage. When a homeowner qualifies for the HAFA Short Sale, the servicer approves the Short Sale terms prior to listing the home and then accepts the payoff in full satisfaction of the mortgage.

Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program — Making Home Affordable Glossary retrieved 2014-05-16