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Foreclosure Update - 2010 Outlook

Ron Wysocarski Daytona Beach Florida Real Estate Agent Water Front Homes : Loan Officer in Daytona Beach, FL

Foreclosure homes are still plentiful across the nation. While there are still many more to be made available in the months ahead, there are some signs that banks may be willing to work harder to approve the short sales that are currently in progress.

Much of the logjam in the process has been due to complex systems and guidelines that are currently in place for approvals. Much progress has been made to simplify the process, and combined with increases in staffing to facilitate the high volume of cases being reviewed, there are reasons for increased optimism.

Watch for the acronym HAFA (Home Affordable Foreclosure Alternatives Program) in the news, as this appears to be the guiding force in streamlining the process. Click Here to see a summary provided by Florida Realtors of some initiatives from HAFA to be implemented in April 2010, all of which lenders have been encouraged to embrace immediately.

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