This is very good information and very good advice.
Home Affordable Foreclosure Alternatives (HAFA) may be announced by the U.S. Treasury sometime soon. "HAFA will offer financial incentives to both servicers and borrowers, and associated secondary investors, in order to facilitate a short sale or deed in lieu of the property", according to an article published in HousingWire.com.
In addition, a Treasury official reported that borrowers will need to be eligible for the Home Affordable Modification Program (HAMP) in order to participate in the HAFA program.
A program to streamline the short sale process and the extension of the $8000 first time buyer tax credit for another year or more will be essential to absorbing the large supply of potential foreclosures on the horizon.
Homeowners in default, as well as REALTORS, should contact their Congressional representative to urge them to approve the $8000 first time buyer tax credit to help alleviate the foreclosure problem in our country.