""IndiSoft, LLC"":http://www.indisoft.us , a Maryland-based technology developer focusing its efforts on the default service management industry, has announced that effective immediately, its ""RxOffice platform"":http://www.indisoft.us/our_products.html meets the Home Affordable Foreclosure Alternatives (HAFA) program requirements, which[IMAGE]take effect today, Monday, April 5. In addition, the company announced the roll-out of its new RxOffice Realtor portal, which IndiSoft says will help Realtors manage the anticipated upsurge in short sale transactions expected with HAFA's implementation.
Nearly one in four mortgages are underwater, where mortgage balance exceeds the home's value, according to First American Core Logic. In February 2010, short sales accounted for 17 percent of all residential real estate sales, according to Campbell/Inside Mortgage Finance.
Using the RxOffice Realtor portal, IndiSoft explained that Realtors are able to help struggling homeowners[COLUMN_BREAK]
gracefully exit their current unaffordable mortgage commitment with minimal damage to their ability to borrow in future. Realtors can use the portal for only $10 per listing, which includes case management, HAFA-compliant document preparations, and work flow management.
""It is important that we provide our clients with the essential tools that are relevant and allow them to be compliant with all of the changing regulations and program options,"" said Sanjeev Dahiwadkar, president and CEO of IndiSoft. ""Our newly enhanced RxOffice platform will allow companies to continue to do business as usual without any interruption and leverage the increased number of program options for struggling homeowners.""
RxOffice gathers the HAFA-required offer and settlement agent information, tracks the HAFA workflow, and produces documents based on HAFA templates, such as the Request for Short Sale Approval (RASS), Alternative Request for Short Sale Approval (ARASS), and Short Sale Agreement (SSA).
The U.S. Treasury department introduced HAFA last November to provide a viable option for homeowners who are unable to keep their homes through the existing Home Affordable Modification Program (HAMP).
HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure on a loan eligible for HAMP, but where the borrower doesn't qualify for a modification or fails to complete the mandated trial mod period.