Dedicated to bringing homeowners across the nation the latest news on short sales, we’ve discovered new information on the Home Affordable Foreclosure Alternatives program (HAFA) for 2013. Let’s explore the updates on HAFA’s success for 2012, what these new policies are for 2013, and when they will be in effect.
For those who do not know what HAFA is, it is a short sale program that is a part of the Making Homes Affordable (MHA) program run by our Government. Their success has been increasing with the latest data showing completed short sales for October at 38,518 which is a 13% increase from September. New and improved policy changes continue to incentivize lenders and homeowners to complete short sales through HAFA.
What Are These New Policy Changes?
Data provided from dsnews.com
Here are some of the significant updates:
When will these updated policies go into effect?
The HAFA policy updates are set to be in effect February 1, 2013 but changes may be implemented earlier by servicers.
Hope this helps!
Peter
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