New HAFA Short Sale Guidelines

Reno/Sparks Real Estate - Selling Real Estate in Reno/Sparks, Nevada

The U.S. Treasury Department has released policy updates to the HAFA short sale program. The updates include a 10 day acknowledgement requirement by the loan servicer; a 45 day timeline for a decision; and properties can now be sold to non-profit organizations with the purpose of renting or reselling to the borrower (something that was previously prohibited). According to the Treasury only 4,488 homeowners have completed a HAFA Short Sale since the program rolled out. They say that there are 10,177 homeowners with HAFA agreements in the works.