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Simplifying Short Sales: HAFA Home Affordable Foreclosure Alternatives

By Kim Novak

Real Estate Broker/Owner with Novak Advantage Real Estate UT DRE# 5459481-PB00

December 01, 2009 03:19 PM

Breaking News 11/30/09 The U.S. Treasury announces a plan to simplify and expedite the Short Sale approval process called HAFA Home Affordable Foreclosure Alternatives Program.

Complements HAMP by providing viable alternatives for borrowers who are HAMP-eligible.

Utilizes borrower financial and hardship information collected in conjunction with HAMP, eliminating the need for additional eligibility analysis.

Allows the borrower to receive pre-approved short sale terms prior to the property listing.

Prohibits the servicer from requiring, as a condition of approving the short sale, a reduction in the real estate commission agreed upon in the listing agreement.

Requires that borrowers be fully released from future liability for the debt.

Uses standard processes, documents and timeframes.

Provides financial incentives to borrowers, servicers and investors.

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Sandra Scott

DPR Realty - Payson, AZ

REALTOR of Choice! Payson, Pine & Strawberry, AZ

I read that today....hope it will get those Short Sales moving. They are really a mess to handle now.

Dec 01, 2009 03:48 PM

John Pusa

Glendale, CA

Hi Kim,

Thank you for an informative and helpful article.

Dec 01, 2009 04:12 PM

Simplifying Short Sales: HAFA Home Affordable Foreclosure Alternatives

Allows the borrower to receive pre-approved short sale terms prior to the property listing.

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