In an effort to help Realtors understand the Home Affordable Foreclosure Alternatives Program (HAFA) and[IMAGE]
its guidelines, the ""National Association of Realtors"":http://www.realtor.org/ (NAR) has released a brochure about the program and is providing additional resources online, including government forms and guidelines, a video explaining the new federal guidelines, and frequently asked questions.
HAFA, which will be implemented on April 5, 2010, is part of the Home Affordable Modification Program (HAMP). The new initiative aims to help homeowners who are unable to retain their home under HAMP through the[COLUMN_BREAK]
use of short sales and deeds-in-lieu of foreclosures. As part of the program, incentive payments will be provided to both homeowners and servicers, but homeowners must meet certain requirements to participate.
NAR's new resources on HAFA were created in response to the most recent Realtors Confidence Index, which showed that buyers continue to be discouraged with the extended short sale process. As a result, foreclosures that could have been prevented often take place. NAR's HAFA resources explain how the program aims to streamline short sales and, in the process, save more families from foreclosure.
""Our members report that short sales are often riddled with delays and red tape,"" said Vicki Cox Golder, NAR president. ""Realtors are dedicated to help streamline and improve the short sale process for both buyers and sellers.""
According to Golder, NAR has worked tirelessly to provide Realtors with the resources they need to navigate short sale transactions, as well as provide guidance on helpful government programs designed for homeowners facing the process. She said the new guidelines and incentives under HAFA are a crucial step towards reducing problems with the short sale process, and she believes Realtors are ready to help make this new program a success.