HAFA program

Unfortunately, the state government programs introduced in the last 18 months have had little effect on the North Las Vegas Foreclosure market as well as the country in general. The foreclosure prevention program helped only about 100,000 homeowners last year, as you see, that’s a drop in the ocean.

On April 5 a new program starts - Home Affordable Foreclosure Alternative (HAFA). What is special about this program?

HAFA uses the information on the borrower’s financial hardships that has already been collected for considering a loan modification. It lets borrowers get pre-approved short sales conditions before listing the house for sale. According to the program, the servicers are not allowed to require a reduction in the real estate commission approved in the listing agreement (no more than 6%). Now borrowers are completely released from future obligation for the first mortgage debt. The program gives some financial bonuses: $1,500 for relocating; $1,000 for covering administrative and processing expenses; and some others.

It’s a new program and nobody knows its effect. But some analysts are sure that it will have a real positive impact on real estate markets. So, it's a good time to find Homes and Houses For Sale in North las vegas, NV.