Treasury relaxes rules to free-up HAFA short sales

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 · In a typical short sale scenario, (sometimes called a Traditional Short Sale), a seller works with their Realtor to find a buyer who is willing to make an offer on their home and wait 2-4 months for a lukewarm response from the lender.

HAFA SM is designed to standardize and streamline the short sale and deed-in-lieu process, which can oftentimes be very cumbersome and difficult to complete. HAFA SM puts into place a number of important homeowner protections, by establishing clear timelines and agreements between mortgage companies and homeowners.

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Changing Short Sale Rules – The HAFA program has been a mixed bag, but last week the treasury department changed the rules to make short sales easier. Here are the primary changes to HAFA: – Those seeking a short sale must get an answer within 30 days – Lender Servicers are no longer required to verify a borrower’s financial information

HAFA created a standardized process for short sales. It benefits real estate licensees, homeowners and lenders in some ways – including a faster short sale process – but it also creates rules that impact some real estate company policies. If dealing with HAFA short sales, however, buyers, sellers and real estate licensees must accept the terms.

How to Buy Real Estate without Cash or Credit Treasury relaxes rules to free-up HAFA short sales When the banking-system bailout plan – formally referred to as the "Emergency Economic Stabilization Act of 2008" – was originally unveiled, the financial-crisis firefighters at the U.S. Treasury.

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