Effective April 5, 2010 the new HAFA rules will join HAMP to help Lake Oswego home sellers. What does this mean?
In simple terms – HAMP is the loan modification program for home owners trying to hold on to their home by reducing the monthly mortage. On the other end of the spectrum is the new HAFA program. Rules put into place to speed up the process by putting guidelines into place for the short sale.
For Lake Oswego home owners that have attempted the HAMP program and were not successful with the outcome, now have an option to first attempt a short sale under the new rules of the HAFA program before foreclosure.
Lake Oswego home buyers of short sale properties also benefit from this new law as lien holders are now held to a time line to respond to offers and closing transactions.
If you are considering buying or selling a short sale property in Lake Oswego or the surrounding communities, call or ping me. Let my knowledge benefit you.
Regards,
503-495-5231
