Tuesday, July 13, 2010

New "HAFA" short sale conditions

"HAFA" stands for Home Affordability Foreclosure Alternatives and it's the latest set of short sale rules to come along.  These will be implemented by most loan servicers on August 1, 2010.  We Realtors have been strongly encouraged by our brokerage management to get up to speed on the new rules.  I'm currently on module six of an eight-module webinar.  So far, it certainly looks like the devil with be in the details, but here are two things I know now:
  • Paperwork and timelines will be standardized;
  • The short sale process will be shorter.
I'll have more info as I become more educated.  I'll also be updating my Short Sale and Foreclosure page on my website very soon.

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