Time is running out for area homeowners looking to participate in government sponsored Short Sale programs.
The Fannie Mae and Freddie Mac Home Affordable Foreclosure Alternative (HAFA) program will expire on December 31, 2012.
The HAFA program is a government-sponsored program aimed to provide additional alternatives to foreclosure. Aside from loan modification (the government’s HAMP program) and underwater refinance (the government’s HARP program), the Treasury has also provided options for distressed borrowers through short sale and deed-in-lieu of foreclosure.
Short Sale applications may still be accepted into the program if a fully executed Short Sale Agreement is received and uploaded into Equator (automated processing site) on or before December 31, 2012. Files with an offer can no longer be initiated for a HAFA short sale.
Note: After December 31, 2012, Fannie Mae and Freddie Mac files must be initiated into the Cooperative Short Sale or traditional short sale process. Homeowners may be eligible for relocation assistance under these programs.
If you have questions or concerns about short sale process, real estate transactions, or tax liens please contact us.
Koontz & Associates, PL
1613 Fruitville Rd
Sarasota, FL 34236
Phone: (941) 225-2615
Fax: (941) 951-2618
www.koontzassociates.com
