The February 1st HAFA deadline has passed and that means the new short sale guidelines are now in effect.
Some of the important changes explained during the presentation include:
- New “pre-determined” hardship borrower categories
- Current documents that will no longer be mandatory
- Anti-fraud affidavit verifying arms-length transactions
- Condensed approval timeline required for servicers
- Shorter prohibition of resale timelines for HAFA deals
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Bank of America
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