Treasury relaxes rules to free-up HAFA short sales

According to HAFA rules, lenders now must offer a short sale in writing to the borrower within 30 days if the borrower does not qualify for or complete a loan modification.

The U.S. Treasury is trying to make short sale more attractive to lenders and homeowners through the "Home Affordable Foreclosure Alternatives Program" or "HAFA" along with the updated HAFA changes for 2011 and HAFA changes for June 2012 supplemental directive.. What Treasury is trying to do is help streamline the short sale process by suggesting guidelines to the participating lenders.

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Changes to the HAFA short sale program A Treasury spokesman said: ‘We reformed stamp duty so that more. Our recent £2.3 billion Housing Infrastructure Fund will free up over 100,000 properties in high demand areas so that people can.

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The rules were not so different from the HAMP/HAFA rules that became effective in April to justify a 3-month delay, but the late implementation certainly explains that there were less than 700 closed HAFA short sales in 2010. Freddie’s HAFA rules stand out because they don’t allow the ARASS process.

According to Treasury’s latest status report on its foreclosure prevention programs, as of the end of February, 4,488 homeowners had completed a short sale or DIL through HAFA.

Another provision of HAFA is that the seller is entitled to an incentive payment of $3,000 to assist with relocation expenses. To qualify, the property must be the seller’s principal residence and the amount must be shown on the HUD-1 Settlement Statement.

The US Treasury Department is taking the necessary steps to prevent short sale fraud under the Home affordable foreclosure alternatives (hafa) program, officials tell HousingWire today.

And to get the kind of house he and his wife wanted, Mathis needed to free up some money. And that meant the avid sports card collector would have to part with his prized possession: a 1952 Mickey.

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