June 1st, Fannie Mae released an announcement for Fannie Mae’s Home Affordable Foreclosure Alternatives (HAFA). This announcement provides guidelines for short sales and deed-in-lieu (DIL).
These new guidelines will go into effect August 1, 2010. The summary of the Fannie Mae HAFA program is as follows:
· works with borrowers that are eligible for Home Affordable Modification Program (HAMP)
· Informs the borrower of pre-approved terms for their short sale.
· Uses standard documents and procedures
· Provides incentives to all parties (borrowers, services, lienholders)
Incentives provided to the servicer are $2,200 for a short sale and $1,500 for a deed-in-lieu (DIL). The incentive provided to the borrower is $3,000 to help with moving expenses.
If you are interested in finding out more about Fannie Mae’s HAFA, call us today. David Ruch can help explain this information further. Call David Ruch at (303) 840-9252.
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