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Short Sales Predicted to Increase Due to HAFA Changes
A panel of the Mortgage Bankers Association claim that servicers are now going to take a more proactive approach to short sales. They claim that the relaxation of Hafa requirements will now open the program up to as many as 91% of homeowners that previuosly did not qualify.
It still reamins to be seen if lenders and servicers will actually be "inspired" to work through the HAFA program. Although they "talk the talk" and state that they want to streamline the short sale process, I have heard this before and have my doubts that they will "walk the talk". It would, howver make sense (if that is a word that can be hand in hand with the word lender) as they cannot afford to build up their shadow inventory levels too much higher.
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