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Wednesday, March 14, 2012

HAFA Update 2012


HAFA UPDATE March 2012.....

Home Affordable Foreclosure Alternatives
Temecula Short Sale Agent

The following updates were made to the HAFA Program:

  • The deadline for HAFA has been extended. A borrower now has until December 31, 2013 to submit a Short Sale Agreement or a written request for a consideration for a Short Sale Agreement to be eligible for HAFA.

  • There are no longer any occupancy requirements for HAFA eligibility. (Before the update the property had to be occupied as the borrower’s primary residence at some point within the prior 12 months).

  • 2nd liens can now get up to $8,500. (It was $6,000).

  • Servicers can now accept a full payment, if the borrower requests to make a full contractual payment in order to stay current on the loan.