Is It Possible That Short Sales Just Got Easier?

I just got a hold of these news from the closing attorney I use for my properties. If you are interested in doing a short sale or investing in real estate through short sales, you will want to verify the following information and see if it can help you:

Changes to HAFA make more homeowners eligible for streamlined short sales.

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What Happened to the Government’s Short Sales Program?

In April, the Obama administration formally rolled out a new program, called Home Affordable Foreclosure Alternatives, that was designed to spur more short sales, where banks allow homeowners to sell their homes for less than the mortgage debt outstanding.

Like other foreclosure-prevention initiatives, this one appears to be off to a slow start — just 342 sales have been completed through September.

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New Program Helps Expedite Short Sales

A new federal program could give some homeowners who are underwater and behind on their mortgage payments some relief. The Home Affordable Foreclosure Alternatives or HAFA program is designed to expedite short sales.

The program, which took effect in early April and runs through December 31, 2012 streamlines the short sale process by pre-approving sellers and establishing a sale price in advance.

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