A few weeks ago I commented on the new HAFA program (Home Affordable Foreclosure Alternatives Program).
To Recap, If you did not qualify for the HAMP (Home Affordable Modification Program) your servicer will determine if you are eligible for HAFA. If the servicer determines that you are eligible, the short sale or deed-in-lieu process will begin. Qualified borrowers will be given pre-approved short sale terms before the property is listed, and once an offer is made, mortgage servicers will have 10 days to approve or reject the sale. Some of the incentives include: $3,000 for borrower relocation assistance; $1,500 for servicers to cover administrative and processing costs; Up to $2,000 for investors who allow a total of up to $6,000 in short sale proceeds to be distributed to subordinate lien holders, on a one-for-three matching basis. You can read more here: http://www.realtor.org/government_affairs/short_sales_hafa
If you or someone you know is has any questions regarding short sales, feel free to call or email me. I would happy to assist you.
Have a great week!