Progressive new changes coming for HAFA short sales

By
Real Estate Broker/Owner with Maui Life Homes / Metro Life Homes RS-78439 / BRE #01708344
https://activerain.com/droplet/PRS

Progressive new changes coming for HAFA short sales

Starting February 1, 2013, the Home Affordable Foreclosure Alternatives program (HAFA) will undergo some major changes that will speed up the short sale approval process.  

One of the major changes is the requirement that servicers must make a decision on a borrower's short sale request within 30 days. 

Another major update which is certain to speed up the process is the "pre-determined hardship".  Borrower's who are 90 days delinquent and have a FICO score under 620 will have a pre-determined hardship. 

There are other changes coming up down the road as well.

 

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Lori Bowers
La Quinta, CA
The Lori Bowers Group

Thanks for the headsup on HAFA changes

Jan 26, 2013 04:19 AM #1
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Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

Hi Ralph, thanks for sharing with us in ActiveRainLand.   All changes should help..

Jan 26, 2013 04:38 AM #2
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Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

Thanks for sharing this. I had forgotten about the second one, and I have a lot to say on the matter.

Jan 26, 2013 10:33 PM #3
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Doug Rogers
Bayou Properties - Alexandria, LA
Your Alexandria Louisiana Agent

That's awesome. Hope someone informs CHASE Bank of these changes. I have a short sale that we have been working on since 8/2011!!!

Jan 27, 2013 02:29 AM #4
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Ralph Gorgoglione

Hawaii and California Real Estate (310) 497-9407
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