Central Florida Real Estate Blog

As reported on the CEDP.com (http://www.cedp.com) website:

On March 30, the Home Affordable Foreclosure Alternatives (HAFA) (http://makinghomeaffordable.gov/hafa.html) program was revised again to further streamline the short sale process. HAFA offers significant cash incentives to consumers and servicers who successfully complete a short sale transaction or deed-in-lieu. Complaints that federal programs have had little affect on foreclosure rates has led the US Treasury to continually revamp the program to assist more distressed homeowners. In a prior update, eligibility requirements for HAFA were relaxed so thousands more distressed US homeowners could qualify.

Clarifications in the March 30 update will make servicers more accountable in communicating with agents and homeowners regarding the status of their files. Revised guidelines also require servicers to make certain third party verifications regarding homeowner use of the distressed property as a primary residence in the previous twelve months.

For specific details regarding recent HAFA updates, you can download Supplemental Directive 11-02 here

The HAFA program is constantly evolving in an effort to bring more distressed homeowners and servicers together to avoid the fallout of foreclosure. For complete HAFA coverage and information regarding future updates, visit www.cdpe.com/hafa.

For more information on short sales or to schedule a free private consultation to discuss doing a short sale on your property, please contact Joe Bornstein, Broker/Owner of Rock Springs Realty, 877-333-2811, joe@rockspringsrealty.net, or visit our corporate website at http://www.rockspringsrealty.net

We are a full service Real Estate Brokerage covering the entire Central Florida Market. We can assist with buying, selling, REO bank foreclosures, short sales, investment properties and more.