New short sale regulations could prevent foreclosures

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New short sale regulations could prevent foreclosures

February 9, 2010 - The Herald-Tribune reports that households with mortgage payments that exceed 31 percent of their income and received home loans for $729,750 or less before January 1 may benefit from speedier short sale regulations.

Under the Home Affordable Foreclosure Alternatives (HAFA) Program, lenders will have 10 days to accept or deny short sales from qualified individuals. If they are approved, these borrowers may be relieved of their remaining debt and receive as much as $1,500 to cover the cost of moving.

In addition, lenders will receive a $1,000 incentive per short sale. Institutions that hold second mortgages may be entitled to as much as $3,000 from the sale.

The program was created to address the problems associated with the drawn-out short sale process, which has allowed many lenders to deny homeowners this option at the last minute and potential buyers to walk away in frustration.

HAFA will take effect on April 5 and be available through next year, according to the National Association of Realtors.

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