Real Estate Blog: April 2010 Short Sale Guidelines – Home Affordable Foreclosure Alternatives Program [HAFA] March 2, 2010

In early 2009, the National Association of REALTORS® (NAR) urged the U.S. Treasury Department, the Federal Housing Finance Agency, Fannie Mae and Freddie Mac to improve the short sales process.

NAR’s concerns were first addressed on May 14, 2009, when the Obama Administration announced the outline of a program to provide incentives and uniform procedures for short sales and deeds-in-lieu (DIL) of foreclosure under the Making Home Affordable Program.

NAR kept in contact with the various agencies and departments during 2009 to keep them apprised of the problems REALTORS® were having with short sales and urged them to implement the program as quickly as possible.

Finally, on November 30, 2009, the Obama Administration released guidelines and uniform forms for its Home Affordable Foreclosure Alternatives Program (HAFA). Modified HAFA rules for loans owned or guaranteed by Fannie Mae or Freddie Mac will be issued in coming weeks. HAFA does not apply to FHA or VA loans.

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