On March 12, 2010, the Treasury Department posted Frequently Asked Questions (FAQs) and two revised forms for the Home Affordable Foreclosure Alternatives Program (HAFA). HAFA takes effect on April 5, 2010, but servicers may implement early (apparently none have done so, to date). Of particular interest to REALTORS®, Q4000 changes the way short sale negotiators/vendors hired by the servicer are to be paid. Instead of being paid from the real estate commission, they will instead be paid from the sales proceeds or by the servicer outside of the sales transaction—a significant improvement. But instead of allowing the commission stated in the listing agreement, Q4000 provides for the servicer to specify the allowable commission. NAR will be raising concerns about this change with the Treasury Department. The following link describes this and other important FAQs in more detail.

Summary of new FAQs with Links to Treasury Guidelines and Forms, as Amended