NAR Reports Short Sales Initiative

A new program called the Home Affordable Foreclosure Avoidance Program (HAFA) takes effect on or before April 5, 2010. According to NAR “The purpose of the program is to help homeowners, who are unable to retain their homes under the Home Affordable Modification Program (HAMP), avoid foreclosure through a short sale or a deed in lieu of foreclosure. HAFA includes uniform procedures, standards forms, and deadlines. This program has the potential to revolutionize short sales, but its success will depend on the implementation by servicers and cooperation by investors and subordinate lien holders. Fannie and Freddie are tweaking the rules for their own programs—their variations are expected soon." Information about short sales, including HAFA, is available on
http://www.realtor.org/realtors/basics_short_sales?wt.mc_id=rd0041