The Real Deal Miami

Foreclosure prevention initiative dissected

March 10, 2010 04:34PM

The latest foreclosure prevention initiative unveiled by the Obama administration may have some homeowners scratching their heads. The Home Affordable Foreclosure Alternatives initiative is not a home loss prevention program but, rather, a way of facilitating short sales to eschew the foreclosure path. The program is, as Today Show financial editor Jean Chatzky explains in this video, “for people who’ve tried to get a loan modification, but haven’t been able to or didn’t succeed… Essentially it’s offering a formulaic short sale.”