Not a day goes by where we do not read of new programs being instituted to aid rid our economy of foreclosures and frustrated properties.

Much to the chagrin of banks, short sales are getting more and more publicity and the financial blessings of being used to stay away from foreclosure totally.

One positive aspect of a short sale is that it permits clients to leave their house while avoiding a foreclosure type entry on their credit report.

Furthermore, the short sale can do a lot for the bank by aiding them save money rather than going the more expensive procedure of foreclosure.

Most of the St Louis mortgage owners would think that that in itself should make them a bankers favored option. But surprisingly it's not.

As a rule of thumb, shorts sales on the average can take two months or more to be completed which can become bothersome to both banks and homeowners.

Another issue banks and lenders run into is that in a lot of cases, there're other liens being held on a property that again can be costly.

With feeling the monetary pinch and loss of business, the National Association of Realtors strongly pressured the Treasury Department to developed with a new program designed to primarily promote the use of short sales.

The new kid on the block came to called HAFA or the Home Affordable Foreclosures Alternatives which went into effect April 5, '10.

There're four key points to HAFA's terms for short sales:

I. Strict deadlines for specific areas of the process

II. Financial inducements - Incentives will include $3000 assistance for moving costs for householders; $1500 for mortgage servicers; and around $2000 for mortgage security investors who give as much as $6000 of the selling continues to other lien holders

III. Before any listing of said property occurs, clients need to be permitted pre-approval status for the short sale process

IV. By requiring that homeowners be entirely released from future legal responsibility for the first mortgage debt

Banks and lenders have ten business days to settle on whether they will approve or deny this short sale application procedure for said customer based on the St Louis finance review.

There are recent statistics showing that banks already have an immense inventory of near 1100000 million foreclosed houses.

Actually, the numbers heading for foreclosure or the short sale procedure will be gradually rising.

The Mortgage Bankers Association (MBA) said more than 9 percent of house owners were behind minimum one payment on their St Louis loan in the 4th quarter of 2009.

This number pales in comparison to what other mortgage statistical firms report. They say the number is actually close to five million who're either behind or already in foreclosure.

The trouble that HAFA faces is that their financial program cannot assist most of those houses facing this dilemma.

St Louis mortgage lenders who've actively participated in the federal government's effort to support mortgage relief for distressed homeowners with (HAMP) the Home Affordable Modification Program are also required to participate in the new HAFA program also.

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