Fannie Mae HAFA Program

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.