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HAFA short sales pick up slightly after rules eased
Under the Home Affordable Foreclosure Alternatives program, mortgage servicers completed 6,069 short sales and deeds-in-lieu of foreclosure in June, according to Treasury data. The total equaled roughly 100 more than May and up from less than 4,500 in each of the first four months of the year.
The U.S. Treasury relaxed some rules in January to expand the program, which launched more than two years ago. Beginning in February, servicers are no longer required to verify a borrower’s financial information or if the monthly mortgage payment exceeded 31 percent of income.Also the amount of funds available to pay a Jr Lien was increased to $8,500.00
Of the deals completed, 1,500 were deeds-in-lieu of foreclosure. Under HAFA rules, a borrower must make a good faith effort to list and market the property before the servicers can offer a payment. The Treasury allows borrowers to receive at least $3,000 in relocation costs.
Nearly two-thirds of all HAFA deals occurred in California (42 percent), Florida (16 percent), and Arizona (7 percent), according to the Treasury.
Source: Calif Association of Realtors.