Please review the new government regulations concerning short sales and its effects that it will have on investors! There is a new program, HAFA which is Home Affordable Foreclosure Alternative Program. The program is to include provisions and incentives for servicers to allow short sales or deed in lieu as a positive option for eligible homeowners in default who want to avoid foreclosure.
This will not save homeowners from losing their home but can help the impact a foreclosure would have on their credit score. The govenment, once again trying to help a situation, is probably creating more problems than good for these distressed situations. You can find information on this new program which was implemented on April 5 at HAFAProgram.com I hope that this information helps!
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