There are two kinds of short sale's: 1) Non-traditional Short Sale 2) HAFA Short Sale (Under the making home affordable program (HAMP)) The following are the main differences: HAFA REGULAR SHORT SALE Relocation Incentive up to $3K No relocation Assistance Time frame for approval 1-3 months 3-18 months Debt Forgiveness Not in all circumstances 6% of unpaid principal amount up to 6K for junior liens (combination of all junior liens) No guidelines/varies Junior liens are required release borrowers from personal liability No guidelines/varies |