Tuesday, March 2, 2010

NAR issues brochure to help reduce short sale stress

On April 5, 2010, the U.S. government will implement the Home Affordable Foreclosure Alternatives Program (HAFA). The HAFA helps homeowners who are unable to retain their home under the Home Affordable Modification Program by simplifying and streamlining the use of short sales and deeds-in-lieu of foreclosures. Homeowners must meet certain requirements to participate and incentive payments are provided to homeowners and servicers. To help REALTORS understand HAFA and its guidelines, the National Association of REALTORS ("NAR") has released an informational brochure available through the links below:
NAR’s press release
HAFA brochure