The FHFA “Standard Short Sale” Program.
New guidelines to this short sale program were announced by the Federal Housing and Finance Agency (FHFA) in 2012. They apply to any mortgage loan where the investors are Freddie Mac or Fannie Mae - which covers most home mortgages in America.
Modeled after HAFA.
The program is modeled after HAFA. It is designed to speed up and streamline the short sale process, and it waives the borrower of having to repay any deficiency balance on the loan.
Cash incentives for completing the short sale.
Like HAFA, the program offers a cash payment of up to $3,000 to the seller towards relocation costs. It also provides funds of up to $8,500 to settle with junior lien-holders.