Residential Mortgage Foreclosure Mediation and New HAFAP Short Sale Rules.

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   New Rules issued by the Treasury Department are scheduled to take effect April 5, 2010 "designed to expedite short sales," one of the options under the Federal Government's wide variety of potential Mortgage Modification Programs.  A short sale is when the homeowner sells the mortgaged property for less than what is owed on the mortgage, but at the property's CMV or current market value.  The new Rules reportedly insert incentive payments for Mortgage Servicers, and for holders of second liens including home equity Lenders, into the Home Affordable Foreclosure Alternatives Program.  Tracey L. Longo, "Treasury Hopes New Rules Send Short Sales to the Rescue of Underwater Mortgages" (Washington Post Online, Saturday, March 13, 2010).

   Here is a link to a summary of the new Rules offered by the Washington Post Online.

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