Finally....Legislation to standardize the chaotic world of short sales.

For more than a year now Real Estate professionals have been trying to do the impossible!  To successfully negotiate through the jungle that is known as the banking "short sale process" towards a merciful end for our clients and to produce revenue for our real estate business... not to mention helping to clear the glut of short sales & foreclosures that are choking our Real Estate market and preventing it from stabilizing and becoming healthy again!   We can EVEN help the banks get what THEY want.... more money for toxic assets and smaller deficiencies!

I can assure you, these transactions have been FULL of headaches, not only for us the Real Estate professionals, but also the buyers and seller involved in the transactions.

The United States Treasury announced a new initiative to standardize and reform the banking short sale process.

 

Foreclosure Alternatives

The HAFA program simplifies and streamlines the use of short sale and DIL options by incorporating the following unique features:

1.  Complements HAMP by providing viable alternatives for borrowers who are HAMP eligible.

2.  Utilizes borrower financial and hardship information collected in conjunction with HAMP, eliminating the need for additional eligibility analysis.

3.  Allows the borrower to receive pre-approved short sale terms prior to the property listing.

4.  Prohibits the servicer from requiring, as a condition of approving the short sale, a reduction in the real estate commission agreed upon in the listing agreement.

5.  Requires that borrowers be fully released from future liability for the debt.

6.  Provides financial incentives to borrowers, servicers, and investors.

These are just a few of the "BIG IMPACT" changes that are scheduled to begin April 5th 2010 and end December 31, 2012. 

If you or someone you know is in a situation where they may lose their home, please have them contact me. I have earned my designation as a Certified Distressed Property Expert, and have successfully completed many short sale transactions. There are also other alternatives to Foreclosure, which include loan modifications allowing you to keep your home. Call me today at 800-842-0190 x106 or 301-870-1717 x106