California Short Sale Update: HAFA Changes Go Into Effect February 1, 2015

On October 30, 2014, Supplemental Directive 14-04 (“Directive”) was issued modifying certain provisions of Version 4.4 of the Making Home Affordable Program Handbook for Servicers of Non-GSE Mortgages (“Handbook”).  Among the revisions to the Handbook were substantial changes to the Home Affordable Foreclosure Alternatives® (HAFA) Program. One of the key components to HAFA is the relocation assistance provision that allows homeowners to receive up to $3,000 to assist with the costs of relocating.  Effective February 1, 2015 the Directive increases the Click for More →