The new HAFA ( Home Affordable Foreclosure Alternatives Program) starts April 5th 2010. Will it work? We are hopeful, but not sure ! We work on many short sale listings and everything we read about HAFA would be a real good thing if the lenders really follow through. Details like these are really exciting.
* Allows borrowers to receive pre-approved short sales terms before listing the property ( including the minimum acceptable net proceeds) * This would be HUGE !
* Requires borrowers to be fully released from future liability for the first mortgage debt.
* Provides financial incentives for borrower & lender
Time will tell, but if this program works and lenders will sign on, it could go a long way to helping many home owners that desperately need to move on. Let's all keep our fingers crossed that the program will really work !
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