The momement many homeowners were hoping for has finally arrived... Fannie Mae and Freddie Mac just announced the introduction of their own HAFA programs. Both Fannie and Frddie are to implement the program on August 1, 2010, and the programs are very similar to HAFA in that they simplify and streamline the use of short sales and deed-in-lieu (DIL) options and use similar forms and timelines. In addition, like HAFA (Home Affordability Foreclosure Alternatives), the program expires December 31, 2012. However, some of the major differences offered by the new Fannie Mae and Freddie Mac HAFA programs include, but are not limited to:
- Both institutions will pay the servicer a $2,200 incentive fee for successful short sales
- Both institutions will pay the servicer a $1,500 incentive fee for all successful DILs
- The Deed for Lease (D4L) is available for borrowers who request and are approved to remain in the property following a successful DIL
Specific details on these programs can be found by visiting the following links: eFannieMae.com and Freddie Mac Bulletin
Our team of researchers at the Distressed Property Institute is keeping a close eye on the industry, including lenders and servicers, to make sure you stay on top of the most recent market developments. Stay tuned for more updates!
Remember, Michelle "CAN HELP" and I am here to assist you!