Effective on August 1, 2010, Fannie Mae will be offering a new program "Home Affordable Foreclosure Alternatives (HAFA), that is focused on helping those in Pre-Foreclosure status and Short-Sales.
I see some pre-emptive moves taking place from Fannie Mae within this program, and I find that all positive ... not only on the Homeowner's behalf, but the real estate professionals' behalf, as well.
Will it cure all the ills that we are finding within this portion of the industry right now? Probably not ... but it does provide some new and revamped options with which to face them.
I'm sure inbetween now and the effective starting date in August, there will be much more information released and much more discussion that takes place concerning HAFA, but after reading through the initial information released up to this date ... I found the following to be the finer points concerning this new program:
Further highlights of this new Home Affordable Foreclosure Alternatives (HAFA) program will, as I said ... be forthcoming and discussed at that time.
Until then, this Home Affordable Foreclosure Alternatives (HAFA) at least provides a ray of hope for those Homeowners in these dire predicaments.
Gene Mundt, Sr. Vice President
Personal NMLS #216987
The Federal Savings Bank
1823 Centre Point Circle, Naperville, IL 60563
Now on Skype! 630-219-1316
