For many with homes in St Augustine, owners were not able to take advantage of the HAFA program introduced April 2010 because their loans are associated with FNMA (Fannie Mae) or FHLMC (Freddie Mac) until now.
These government agencies just announced the introduction of their own HAFA programs. They’re both scheduled to be implemented by August 1, 2010, and the programs are very similar to HAFA in that they simplify and streamline the use of short sales and deed-in-lieu (DIL) options and use similar forms and timelines. In addition, like HAFA, the program expires December 31, 2012.
However, some of the major differences offered by the new Fannie Mae and Freddie Mac HAFA programs include, but are not limited to:
- Both institutions will pay the servicer a $2,200 incentive fee for successful short sales
- Both institutions will pay the servicer a $1,500 incentive fee for all successful DILs
- The Deed for Lease (D4L) is available for borrowers who request and are approved to remain in the property following a successful DIL
Specific details on these programs can be found by visiting the following sites http://www.fanniemae.com and http://www.freddiemac.com
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