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Short Sales...the new HAFA guidelines
As part of the Making Homes Affordable program (HAMP), the new Home Affordable Foreclosure Alternatives Program (HAFA) goes into effect April 5th.  The National Association of Realtors has the summary of this at www.realtor.org/shortsales.  Under the new program, if a borrower meets the eligibility requirements, they would not have to face a deficiency judgment and would get some cash to move. 
Will it work?  I'm hoping so, but have my reservations.  HAMP was a noble proposal for those who wanted to keep their homes, but, due to unforeseen circumstances, were struggling to make their mortgage payments.  But if you've talked with anyone who has tried to get a loan modification, it is a frustrating and often painful process.  One person I know has re-submitted their application and supporting documents three times.  The typical loan modification process can take up to six months before an answer is forthcoming.  The idea was to offer relief BEFORE a borrower was in default, but that is a rare occurrence.  The program was left in the hands of the lenders to execute and the lenders were and still are ill-equipped to handle it. 
Now the government is asking these same lenders to have their loss mitigation ... more

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