On October 30, 2014, the Home Affordable Foreclosure Alternatives (HAFA) Program released Supplemental Directive 14-04: Making Home Affordable – Program Updates.
If this sounds like a lot of gibberish, the main thing that real estate professionals need to know is this:HAFA relocation assistance is increased to $10,000 for short sale sellers that close on or after February 1, 2015. (Unfortunately, this is not a change to the GSE’s (Fannie Mae, Freddie Mac, etc.), which likely accounts for at least 50 percent of short sales.
Nevertheless, this revised Supplemental Directive covers all of the following topics:
- HAMP Tier 2 Interest Rate Adjustment
- HAFA Relocation Assistance
- HAFA Investor Reimbursement of Subordinate Lien Releases
- HAFA Reporting
If you want to get into the nitty-gritty, check out the policy update here (warning: drink a triple espresso before reading).
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