Treasury: Serious About Short Sales!

By
Real Estate Agent with Starlight Realty Certified REO & Short Sale Specialist

The HAFA short sale program was sensibly crafted to reach a specific segment of borrowers. But, along with the rest of HAMP, it has failed to achieve the numbers expected. So, Treasury has thrown the doors open wide with Supplemental Directive 12-02, removing obstacles and expanding the pool of potential candidates.

Among the changes to HAFA:

  • No more occupancy requirements!
  • Payouts to junior mortgage lien holders increased to $8,500

These are game-changers, and will surely raise as many questions as they answer.

For instance:

  1. What untapped segment of the market was Treasury targeting with these changes?
  2. How will the elimination of occupancy requirements affect HAFA’s success rate?
  3. What were the market developments that led to this change?
  4. The new guidelines raise the amount payable to junior lien holders. Will the seller incentives also be increased in the future?
  5. What other changes might be in store?

Wouldn’t you like to quiz someone from the Treasury Department about these things?

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