As I was setting up some showing appointments for one of my buyer clients, I was very excited that of the 4 short sales my buyer was considering, with a little research I found out that 3 of them were from lenders participating in the new HAFA program. This is great news as they are now covered by the new regulations to make short sales more uniform and hopefully, much shorter of a process!
One thing to note is that NOT all lenders are participating in HAFA, IT IS VOLUNTARY! If your loan is FHA, Fannie Mae or Freddie Mac, this new program does not apply to your loan. But there are still many alternatives to foreclosure, so please contact me if I can help you with some information and resources that could help you.
The up side is that many of the larger lenders ARE already paricipating, such as Bank of America, JP Morgan Chase, Wells Fargo, Citibank, Wachovia, GMAC....
Bank of America has a new dedicated website for the new HAFA program at (this is big!):
http://homeloanhelp.bankofamerica.com/en/home-affordable-foreclosure.html
I also have The National Association of Realtor's new consumer brochure explaining HAFA that I would be happy to email to you.
Here are some of the basics:
Who is participating in HAFA? NATIONAL PARTICIPATING SERVICERS
There is not yet an official list of participating servicers. However, servicers that participate in HAFA are also participating in HAMP. For a full list of servicers participating in HAMP, visit Making Home Affordable's Participating Servicers List.
http://www.cdpe.com/hafa/short-sale/supporters
Who is eligable for HAFA?
http://www.cdpe.com/hafa/short-sale/eligibility
How to apply for HAFA:
http://www.cdpe.com/hafa/short-sale/how-to-apply
HAFA FAQ's for homeowners:
http://www.cdpe.com/hafa/short-sale/homeowners
Please call me if I can help. By the way...on the Cerified Distresed Property Expert's web site it says to contact a CDPE. You already did-me! :-)
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