Monday, April 12, 2010

New Short Sale Guidelines

The federal government recently announced the short sale program guidelines for the Home Affordable Foreclosure Alternatives (HAFA) program which will go into effect on Monday, April 5, 2010. 

Bank of America Home Loans is implementing HAFA, the program designed to help those customers who were not eligible for the Home Affordable Modification Program (HAMP) or any other modification.  For more detailed information on the HAFA program, go to the National Association of Realtors site.

The HAFE program provides incentives for short sales and what are known as a deed-in-lieu of foreclosure on a loan eligible for modification under the HAMP program.

A list of servicers participating in the HAMP program - including HAFA - can be found at the Making Home Affordable website.  

CHASES' website regarding short sales can be accessed for further information. 

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