The Fannie Mae HAFA (Making Home Affordable Foreclosure Alternatives) program goes into effect August 1, 2010. This is big!! This covers a lot of mortgages. Borrowers must first try a modification before they can be considered for the HAFA program..
Highlights:
Homeowners get $3k assistance to move
Servicer's get $2k for short sales and $1k for deeds in lieu of foreclosure
There is also a lease for deed program for homeowners that want to stay in their home. They may be able to rent it for 12 months at fair market value.
Wednesday, June 2, 2010
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