HAFA – The Home Affordable Foreclosures Alternative Program
The Home Affordable Foreclosures Alternatives (HAFA) program will soon implement new guidelines for borrowers and lenders to follow. I don’t know the details of the program yet, but here is a link that summarizes the guidelines. It appears that the deed in lieu of foreclosure process will be integrated into the short sale process in a manner which helps borrowers out when attempting to move title back to the lender or someone else.
I don’t see how the DILF (deed in lieu of foreclosure) program does much for the Realtors, but as soon as I understand the guidelines better, I’ll provide my take. Hopefully, it truly streamlines the short sale process!For now, it looks like in borrowers who are looking at a short sale or DILF in California or elsewhere, will be slightly better off if this program works out.
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