Short Sale program flops

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executed sales contract and requests a short sale prior to Chase sending an SSN. Home Affordable Foreclosure Alternative (HAFA): A part of the making home affordable (mha) program that provides financial incentives to borrowers and Chase for utilizing a short sale or Deed-in-Lieu to avoid a foreclosure on an

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Convicted mortgage fraudster gets 9 years in prison for role in South Florida scheme Head of Phoenix fraud scheme gets 17 years behind bars – Bernadel, a citizen of Haiti, has been sentenced to nearly 17 years in prison for his conviction on multiple counts for leading a mortgage fraud scheme in Phoenix that cost banks in excess of $9.

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Here’s how a short sale works: A bank agrees to sell a house at the current market value without foreclosing, allowing the owner to simply walk away because the bank forgives the rest of the debt. The.

If the borrower expresses interest in a short sale and the servicer determines that the borrower meets the eligibility criteria for a Fannie mae short sale as stated above, it must place a property valuation order directly with Fannie Mae to determine the market value of the property securing the mortgage loan.

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