The Treasury Department keeps letting out hints that it is almost ready to release the final details of it’s long awaited new short shale rules and policies.   An official announcement is expected next week for the launch of the new Homeowner Affordable Foreclosure Alternatives (HAFA) program formerly referred to as the Foreclosure Alternatives Program (FAP). Although the announcement of the new program is expected next week, it may take several months to actually implement the program as it did for the modification program (HAMP).  It  appears that the rules will be similar to those announced last May to provide financial incentives to borrowers, lenders and servicers to participate in the program as well as hopefully sytemitize and speed up the overall short sale process with standardized forms.   Watch this blog for the latest updates on the new program.

Tags: HAFA, short sale forms, short sale rules, Short Sales, Treasury