www.SellMyHouse.com has been saying for a very long time that the HAFA program has been at best, a very iffy program. But last week the US Treasury implemented new rules to make short sales easier. We’ve heard this before of course.
Changes to HAFA:
- Short sale answers must come within 30 days
- Servicers are no longer required to verify a borrower’s financial information
- Servicers are no longer required to determine if the debt-to-income exceeds 31%
- Second lien holders no longer must accept 6% of the unpaid balance.
The goal of these changes is to expedite short sales, which is good news for home owners, realtors, investors and ultimately the banks.
As always, www.sellmyhouse.com will stay on top of the results for our Realtor and investor networks.
The www.SellMyhouse.com Team
