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HAFA Short Sale Program UPDATES-Changes Help More Homeowners
The Federal Treasury Department has updated the HAFA Short Sale program again-and these new guidelines are designed to get relief much quicker to many more homeowners.  This government funded and subsidized short sale program is part of the Making Home Affordable stimulus plan, but has seen little success due to implementation problems by participating lenders.
Although 95% of all lenders have signed up to participate and abide by the HAFA short sale program guidelines, the reality has been that long delays and mass confusion have stalled the closing of sales.  The low completion numbers prompted the Fed to make some important changes to the plan.  These new guidelines are effective June 1, 2012:
HAFA Short Sale Updates
Program extended through 2013 HAFA now available for investor properties-previously just owner occupied homes 30 day review for eligibility $8500 to second liens-previously capped at $6000 Can be current on mortgage and still qualify for HAFA 31% payment criteria eliminated Standard credit report rating-less impact on credit, can buy another home sooner These HAFA short sale program updates are expected to jump start the cleaning out of old inventory for lenders, and help the market recover much more quickly.  Lenders are finally staffed and ... more

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