Attention Maryland Homeowners in Financial Distress! Treasury just made Short Sales a lot simpler…

Posted by Owen McGab Enaohwo on Dec 2, 2009 | View Comments

An Obama housing initiative that I can totally agree with

On November 30th 2009, the Treasury department came out with a new set of guidelines called “Home Affordable Foreclosure Alternatives – Short Sale and Deed-in-Lieu of Foreclosure” or HAFA for short. It is the new addition to the Home Affordable Modification Program (HAMP) (HAMP is meant to help homeowners get their loans modified but in my view the HAMP plan has not been successful because most lenders were unwilling to reduce the principal amount owed by the borrowers especially when home values have dropped significantly – now enough of my opinion on HAMP and back to HAFA the reason you are reading my blog post).