foreclosure alternative: Here it Comes.....Fannie's Version of HAFA!
- 06/02/10 09:56 AM
Fannie Mae announced on Tuesday its own version of the Home Affordable Foreclosure Alternative (HAFA) program to apply to all conventional mortgages held in Fannie's portfolio, that are part of a qualified mortgage-backed security (MBS) pool, or are part of a shared-risk security pool marketed by Fannie Mae. The program will take effect on August 1, 2010 and will terminate on December 31, 2012. Like the Treasury's HAFA program, it is designed to further help those that were eligible for -but have failed to complete- a modification under the Home Affordable Modification Program (HAMP). In other words, the borrower must first be considered for a HAMP workout. The latest in a … (1 comments)
Fannie Mae announced on Tuesday its own version of the Home Affordable Foreclosure Alternative (HAFA) program to apply to all conventional mortgages held in Fannie's portfolio, that are part of a qualified mortgage-backed security (MBS) pool, or are part of a shared-risk security pool marketed by Fannie Mae. The program will take effect on August 1, 2010 and will terminate on December 31, 2012. Like the Treasury's HAFA program, it is designed to further help those that were eligible for -but have failed to complete- a modification under the Home Affordable Modification Program (HAMP). In other words, the borrower must first be considered for a HAMP workout.
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