This past spring, the Treasury Department put into effect the Home Affordable Foreclosure Alternatives Program (HAFA), which provides incentives in connection with short sales or deeds-in-lieu of foreclosure in an attempt to provide a viable option for homeowners who were unable to keep their homes through the existing Home Affordable Modification Program (HAMP).

For the past two years, short sales have been on the collective minds of everyone from the government to individual brokers hoping to find a way to keep people in their residences, but the process has been difficult and lengthy. So, I've been keeping an eye out for servicers who have instituted programs to help make the process go smoothly, or at least can be of aid to lenders or brokers who want to go in this direction.  more...