news: HAMP Supplemental Directive 09-09 A Game-changer?
- 12/03/09 09:46 AM
At first blush, the Home Affordable Foreclosure Alternatives (HAFA) Program Supplemental Directive 09-09 appears to be a game-changer in the hotly-contested battle raging between distressed homesellers, their real estate representatives and mortgage servicing entities. As part of the Home Affordable Modification Program (HAMP), HAFA will provide financial incentives to servicers and borrowers who elect a short sale or deed-in-lieu to avoid foreclosure. The new directive will become effective April 5, 2010, according to a press release attributed to the HAMP Support Center. Key elements to the directive include prohibiting the servicer fromr reducing real estate commissions beyond the agreed rate reflected in … (3 comments)
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At first blush, the Home Affordable Foreclosure Alternatives (HAFA) Program Supplemental Directive 09-09 appears to be a game-changer in the hotly-contested battle raging between distressed homesellers, their real estate representatives and mortgage servicing entities.
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