New rules may help short sales

There are a lot of acronyms being thrown around in the attempts to help the short sale market.

The main one short sale sellers should pay attention to in April is HAFA, Home Affordable Foreclosure Alternative.

There are bunch of rules that go with this program but in a nutshell it is apparently designed to speed up the short sale process.

Lenders who are participate in this program will have weeks not months to respond to an offer.

It is supposed to help pay second mortgage holders and help out the homeowner in getting their home sold.

According to what I have read this is not for investment homes rather primary residence and the sellers are going to have to meet a bunch of requirements. Plus the lender will have to have signed on to this federal program.

It may all sound to good to be true. The program like others in this vain may need tweaking.

The good news is that between the federal government and the lenders there appears to be a concerted effort to get the housing crisis behind us.

All the best
Greg Owens P.A.
Realtor
Certified Distressed Property Expert (CDPE)
Keller Williams On the Water
941.932.6343
greg@teamworksfla.com
www.teamworksfla.com