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Important New Policy Changes for HAFA Effective August 2011 !
Changes For The Treasury Department’s HAFA Program
On August 9, 2011, the Treasury Department issued Supplemental Directive 11-08 for its HAFA program. The new policy changes and clarifications of previous HAFA policies are as follows:
 
•Borrowers are currently provided with a 14-day period to respond to a servicer’s invitation to participate in the HAFA program. The 14 calendar day period response time is only intended to give the borrower a guaranteed minimum time period to respond to the servicer. It is not meant to that if the borrower elects to participate in HAFA after the 14-day period that they are not eligible. Servicers may consider a borrower for HAFA whether or not they respond within the 14-day period.
 
•Unless prohibited by investor rules, servicers should utilize the HAFA program rather than a lender’s or servicer’s proprietary short sale process in all cases where a short sale is approved by the servicer and the transaction meets the guidelines of the HAFA program.
 
•It is clarified that the aggregate cap of $6,000 that is available to satisfy subordinate liens applies only to subordinate liens that are secured by a mortgage on the subject property. The $6,000 cap is not applicable ... more

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