A great read for anyone that is thinking in doing a Short Sale, very important update that are about to take place in the Upcoming weeks:
The Obama administration released its latest version of rules pertaining to HAMP loan modifications and HAFA short sale transactions. Only HAFA changes are summarized below.
1. The HAFA short sale program has been extended until the end of 2013.
2. The new changes take affect June 1, 2012.
3. The owner occupancy requirement has been eliminated.
4. Junior liens (2nd mortgages) will receive $8,500 from the current $6,000.
5. Home owners that are CURRENT on their mortgage payments are now eligible.
Also noteworthy: HAFA program is not mandated on any loan servicer or investor. However, the Obama administration strongly urges all lenders to participate. Each lender may add additional eligibility requirements before making the seller HAFA eligible.