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HAFAP: New Government Short Sale Guidelines- Newest Help For Sacramento Short Sales

Government Shortsale Guidelines

Government Shortsale Guidelines


The Newest Government Foreclosure Acronym- HAFAP or Home Affordable Foreclosure Alternatives Program will definitely bring some strong incentives for lien holders to move quickly on short sale files.

Beginning April, 2010, the Home Affordable Foreclosure Alternatives Program  (HAFAP)and its recently issued guidelines should help to streamline the short sale  process and reduce the backlog that is plaguing home buyers and lenders now. Not only should the process be shortened dramatically, it will also mean less vacant and vandalized properties, a common problem in neighborhoods everywhere.

Here art the new short sale guidelines.

The Home Affordable Foreclosure Alternatives Program  does not apply to loans owned or guaranteed by Fannie Mae or Freddie Mac.  Fannie and Freddie, which currently cover over half of the mortgages in the US,  already are working on a similar program. Details of their guidelines should be released in the coming weeks.

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