Fannie Mae Steps it up for Borrowers

Fannie Mae’s updated version of the HAFA program, which takes effect August 1, 2010, is similar to the program underway, but it offers slightly better monetary incentives to servicers and borrowers when it comes to short sales, foreclosures, and deed in lieu of foreclosures.  Here’s a link to the news report. 

I’m not sure if there is any real extra benefit to a Realtor involved in a transaction. One interesting aspect of Fannie Mae’s HAFA is what is known as the D4L, a program where the borrower can reach an agreement with the lender to remain in the home after the short sale or deed in lieu transfer is completed.  This would ease the burden of the short sale or foreclosure, and also give the borrower an opportunity to remain permanently in the home if he or she can find a way to purchase the home back while in righful possession.

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