Modifications,Short Sales,Deeds in Lieu,WriteDowns

SHORT SAL:ES UPDATES AND BASICS

Posted on Tuesday, November 2, 2010

Due to current economic conditions, the number of short sale properties on the market is rising. The increasing number of short sales on the market presents challenges for REALTORS®. Below you'll find more information on: short sales and their challenges, the government's efforts to address these challenges, and tools to help you navigate the short sale process.
To check on the status of a particular short sale you should contact the lender. For a Freddie Mac loan, email shortsales@FreddieMac.com.
Home Affordable Foreclosure Alternatives Program (HAFA)
To help homeowners who are unable to keep their homes under the Home Affordable Modification Program, the HAFA program may make a short sale or a deed-in-lieu of foreclosure a viable option to help them avoid foreclosure. The HAFA Program, which took effect April 5, 2010, provides servicer, seller and junior lien holder incentives for these transactions and is designed to simplify and streamline use of short sales and deeds-in-lieu of foreclosure.

Realtors who would like to raise questions or concerns related to the program, can email them to SSDIL@hmpadmin.com.
REALTORS® continue to raise issues with NAR about shorts sales and the HAFA process. NAR has created an online mailbox for REALTORS® to share their experiences and provide specific examples of the problems they are facing with lenders. These e-mails will be collected and used by NAR in its ongoing discussions with lenders and the Treasury Department.

Please note, this mailbox is for data collection purposes only and not all submissions will receive a response. Send an e-mail detailing your experiences to HAFA@realtors.org.
HAFA Forms Updated
The HAFA forms and guidelines (Supplemental Directive 09-09) have been updated as of March 26, 2010.
Read more about HAFA>
Latest news:
Report on NAR's Meetings with Large Lenders to Discuss Originations and Servicing Issues (Oct 7)
NAR Praises New Short Sale Bill (Sept 16)
Freddie Mac Posts Short Sale Webinars for Real Estate Professionals (Aug 13)
Recorded Webinar: HAFA: Fannie Mae, Freddie Mac Short-Sale Rules. Download Slides (PDF: 588K) (July 29)
NAR Surveys Members on Short Sales for Meetings with Top Servicers (June 21)
Fannie Mae and Freddie Mac Release Their HAFA Guidelines (June 1)
HAFA Q&As Received from Fannie Mae--on behalf of the Treasury Department (PDF: 238KB) (May 21)
Realtors® Help Counsel Distressed Sellers Through Short Sale Process (May 13)
Information on FHA & VA Short Sales Programs (PDF: 244KB) (Apr. 14)

Short Sales Commissions Policies
HAFA Commissions Policies (PDF 319K) (Sept. 10)
Freddie Mac Short Sales Commission Policy (PDF 128K) (Oct. 27)
Fannie Mae Short Sales Commissions Policy and Appeals Process (PDF 299K) (Oct. 27)



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