HUD Homes

Suffering a Hardship? A Short Sale or Loan Modification may be the answer... and we can help!

HOT OFF THE PRESSES New Short Sale Rules

On November 30, 2009, the Treasury Department released guidelines and forms for its new Home Affordable Foreclosure Alternatives Program (HAFA). HAFA is a complex program, with 43 pages of guidelines and forms, designed to simplify and streamline use of short sales and deeds-in-lieu of foreclosure. HAFA is part of the Home Affordable Modification Program (HAMP), providing incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification under the HAMP program. That’s because the new Home Affordable Foreclosure Alternatives (HAFA) guidelines that went into effect today (April 15, 2010) mean different things to different audiences (buyers, sellers and lenders).

The overarching concept of the program is to help distressed homeowners avoid foreclosure through a streamlined, incentive-laden short sale process.

Several HAFA key points:

· Every potentially eligible homeowner must be considered for HAFA by a participating lender before the loan is referred to foreclosure.

· The lender can’t require a cash contribution from the homeowner, nor can the lender require that the owner sign a promissory note at the closing.

· The lender can’t go after a borrower for a “deficiency judgment,” or the difference between how much a home sold for and the amount owed.

· Under the guidelines, the borrower can receive up to $1,500 to help with relocation costs.

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