HAFA Short Sale Rules May Help Sellers


Here’s an article about HAFA rules for short sales at Bankrate.com.

Homeowners struggling to sell their homes in a short sale are getting some relief, thanks to the federal government’s Home Affordable Foreclosure Alternatives, or HAFA, program.

Up to now, many short sales — in which the lender accepts a sale of the property for less than the full amount owed — have taken months to complete. Sometimes, the complex and lengthy process has failed, resulting in foreclosure.

And:

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. Borrowers then must respond within 14 days to the lender’s short sale agreement.

For more on short sales see The Reno Real Estate Guide.

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About rereno

Real estate investor
This entry was posted in Government, Real Estate, Short Sales and tagged , . Bookmark the permalink.

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