The long-awaited guidelines for Short Sales were released on November 30th by the Treasury Department. Supplemental Directive 09-09 provides guidance to servicers on the Home Affordable Foreclosure Alternatives Program (HAFA) and includes the general terms and conditions, evaluation process, documentation, and reporting requirements. As part of the Home Affordable Modification Program (HAMP), HAFA also provides financial incentives to servicers and borrowers who utilize a short sale or a deed-in-lieu (DIL) to avoid foreclosure on a HAMP-eligible loan. To read the details of the guidelines, click the link https://www.hmpadmin.com/portal/docs/news/hampupdate113009.pdf
|