Changing Short Sale Rules - The HAFA program has been a mixed bag, but last week the Treasury Dept. changed the rules to make short sales easier.
HAFA CURRENT CHANGES!!!!!!!!!!!!!!!!
Here are the primary changes to HAFA:
- Those seeking a short sale must get an answer within 30 days
- Servicers are no longer required to verify a borrower's financial information
- Servicers are no longer required to determine if the debt-to-income exceeds 31%
- Second lien holders no longer must accept 6% of the unpaid balance -
These changes should help expedite short sales, which will benefit home owners, realtors, investors and ultimately the banks.
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