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Saturday, January 22, 2011

Is it Possible That Short Sales Just Got Easier?

 I just got a hold of these news from the closing attorney I use for my properties. If you are interested in doing a short sale or investing in real estate through short sales, you will want to verify the following information and see if it can help you:

Changes to HAFA make more homeowners eligible for streamlined short sales.

Late last month, the U.S. Treasury Department tweaked the rules of the Home Affordable Foreclosure Alternatives program to make short sales easier for everyone.

HAFA, which was launched in April 2010, standardized short sale guidelines for everyone - and a lot of lenders signed up to participate.

But the program hasnt been too successful. Even though it streamlined and standardized the short sale process for everyone, thereve been only 661 short sales nationwide under HAFA.

With over 11 million homeowners underwater, theres a great demand for short sales. So the Treasury Department eliminated some of the HAFA guidelines that were holding up short sale approvals.

So, heres what changed: