In April 2010 the Obama Administration rolled out “Home Affordable Foreclosure Alternatives” [“HAFA”] that was supposed to increase the number of short sale transactions for borrowers who do not “qualify” for the Home Affordable Loan Modification Program.
An interesting aspect of the HAFA short sale program is that it pays monetary incentives to encourage mortgage servicers and investors to participate. Best of all, it actually help the homeowner by paying $3,000 for moving expense.
Although the closing of successful short sale transaction has improved overall in 2010, for some reason HAFA short sales are still rare. One real estate agent reports completing 150 short sale transactions, none of which were a HAFA short sale.
See full Wall Street Article “What Happened to the Government’s Short Sales Program?
Filed under: loan modification, Short Sales |
CAConsumerRealEstateBlog 
[…] been a lot of bills passed that sound good, such as “Hope or Homeowners” and “Home Affordable Foreclosure Alternatives” (HAFA), but so far they have been mere puffery with no substance or […]
[…] there have been a lot of bills passed that sound good, such as “Hope or Homeowners” and “Home Affordable Foreclosure Alternatives” (HAFA), but so far they have been mere puffery with no substance or […]