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:
