The Treasury Department clarified guidelines for the Home Affordable Foreclosure Alternatives program Thursday. The move is an effort help more military service members qualify for short sales and deeds-in-lieu of foreclosure.
Enough military families raised an issue with a caveat in the program: a permanent change of station was not being considered a financial hardship. A Treasury spokesperson said enough phone calls through the Homeowner's HOPE Hotline persuaded officials to make the clarification.
"An example of such hardship includes a service member citing a 'Permanent Change of Station' order as the basis for his or her financial hardship when requesting HAFA even if such service member’s income has not been decreased, so long as the service member does not have sufficient liquid assets to make his or her monthly mortgage payments," the Treasury said in a directive sent to mortgage servicers Thursday.
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