Starting February 1st, Making Home Affordable will be releasing a new HAFA guidlines to enhance the government’s short sale program. This will make it more efficient and less restrictive for distressed homeowners to participate.
The new policies include:
- Monthly Gross Income Verification
- Vacant Property Requirements
- Release of Subordinate Liens
- Timing for Issuance of Short Sale Agreement
- Timing for Response to Alternative Request for Approval of Short Sale
- Real Estate Brokerage Commissions
- Alternative Deed-in-Lieu Programs
- Borrower Notices Timelines
We hope that this will help keep you informed with these upcoming changes!