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. 

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