HAFA Rules Relaxed for Short Sales
Welcome to 2011, it is going to be a great year and I'm excited to see where it takes us!
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
- Lender Servicers are no longer required to determine if the debt-to-income exceeds 31%
- Though Second lien holders no longer must accept 6% of the unpaid balance -
Overall, these changes should help expedite short sales, which is good news for Home owners, realtors, investors and ultimately the banks.
If you are looking for a way to sell you home that you feel is worth less than you owe on it, we can help. Please contact us on this link or try the chat button at the bottom of the page. You can also stop by this helpful short sale information site as we by clicking here.
Here is to a healthy, wealthy, and exciting 2011!
