Home Affordable Foreclosure Alternatives Program
In the past, anyone who has been involved in the process of seeking approval and finalizing a short sale will more than likely tell you first hand that it has been a tall order. Since the housing meltdown began, short-sale offers have often taken months to get a response from overwhelmed lenders. Even then, there have been no clear guidelines about what kinds of offers are acceptable or about how to handle second mortgages that can easily derail the process.
Industry experts estimate that less than half of short-sale offers have been accepted, and many real-estate agents have avoided showing these properties altogether.
Under the new Home Affordable Foreclosure Alternatives program, which has taken…