Fannie Mae's "Home Affordable Foreclosure Alternative" (HAFA) is Effective 8/1/2010
If you are working short sales....and enduring the frustration, help may be on the way.
What is the toughest part of a short sale? Getting the bank to approve it! In this post Gen Mundt does a great job of recapping the HAFA program, whose goal is to streamline this togh process.
Effective on August 1, 2010, Fannie Mae will be offering a new program "Home Affordable Foreclosure Alternatives (HAFA), that is focused on helping those in Pre-Foreclosure status and Short-Sales.
I see some pre-emptive moves taking place from Fannie Mae within this program, and I find that all positive ... not only on the Homeowner's behalf, but the real estate professionals' behalf, as well.
Will it cure all the ills that we are finding within this portion of the industry right now? Probably not ... but it does provide some new and revamped options with which to face them.
I'm sure inbetween now and the effective starting date in August, there will be much more information released and much more discussion that takes place concerning HAFA, but after reading through the initial information released up to this date ... I found the following to be the finer points concerning this new program:
Further highlights of this new Home Affordable Foreclosure Alternatives (HAFA) program will, as I said ... be forthcoming and discussed at that time.
Until then, this Home Affordable Foreclosure Alternatives (HAFA) at least provides a ray of hope for those Homeowners in these dire predicaments.
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