Fannie Mae and Freddie Mac recently announced their Home Affordable Foreclosure Alternatives (HAFA) program policies and guidelines, which are mandated for implementation by all Fannie Mae and Freddie Mac loan Servicers starting August 1st.  The GSE’s implementation of HAFA should be a major catalyst for further growth in short sales, particularly HAFA short sales in 2010, 2011, and 2012 while the HAFA program is effective.

HAFA, which mandates deficiency forgiveness and provides $3,000 in borrower relocation support for qualified transactions, is the most pro-consumer program available and every short sale should first be evaluated for HAFA eligibility.

See http://HAFAHAMP.net  for more information.