FREDDIE MAC AND FANNIE MAE FINALLY RELEASE THEIR OWN HAFA SHORT SALE PROGRAMS

After waiting for months for what they called the ”imminent” release of their own HAFA programs, Fannie Mae and Freddie Mac finally released their own HAFA guidelines, procedures and forms on June 1, 2010.     As expected the new Fannie and Freddie HAFA short sale rules and forms are almost identical to the original HAFA program for non-GSE servicers and lenders released by the U.S. Treasury Department last November and which took effect on April 5, 2010.

However, both Freddie Mac and Fannie Mae have their own independent HAFA short sale forms that must be used (which look supiciously identical to the Treasury Department forms except for the addition of the Freddie and Fannie logos at the top).  They have their own Short Sale Agreement, RASS and Alternative RASS forms as well as a few others.  Additionally, there are a few twists and differences from the original HAFA program that I will discuss further after I have a chance to fully digest the approximately new 150 or so pages of rules and forms combined from the two new HAFA programs.

However, what is most important to understand from this announcement is that with the release of the new Fannie Mae and Freddie Mac HAFA rules and forms, virtually ALL owner occupied properties in this country are now initially subject to the HAFA program.  You can’t put off learning about the HAFA program any longer if you want to be successful in short sales.  There is a unique window of opportunity that has opened to be a HAFA short sale expert before your competition even realizes the new rules have been released.

I have collected all the new Freddie Mac and Fannie Mae HAFA rules, forms and guideline documents and they are already being posted in our free HAFA Resources Site.   If you haven’t already done so, you can sign up for access to all the free HAFA forms, videos and resources at www.HAFAprogram.com .    If you have already signed up at hafaprogram.com you can access the new Freddie and Fannie materials by visiting the link emailed to you when you signed up.

Additionally, for members of our 2010 Short Sale Playbook program we will also be posting all of the new documents immediately to the members area along with some extra bonus Freddie Mac and Fannie Mae HAFA materials.  We will also be adding a new HAFA video training shortly that will give you a quick overview of what you need to know about the differences between the new GSE HAFA programs the original HAFA program.  If you are not currently a subscriber to the 2010 Short Sale Playbook and want to access the new training when it becomes available and the other exclusive HAFA short sale materials, you can sign up for access at www.2010ShortSalePlaybook.com .