What is the new government Short Sale Plan (HAFA)?
What is this exactly? Well the government initially announced forthcoming plans and guidelines back in May 2009, which was a bit premature, to coincide with the loan modification program put into place (HAMP). Since then nothing had been mentioned until Nov 30, 2009. On this date guidelines were released for servicers to follow if they want to collect on government (Treasury) paid incentives for doing short sales for homeowners. This plan is set to go into effect April 2010 and the second portion of the plan for Fannie Mae and Freddie Mac loans went into effect August 1st, 2010. Below is a list of commonly asked questions about this program.
