harp 20: Changes to HAFA - Effective June 2012
- 04/18/12 11:52 PM
The Home Affordable Foreclosure Alternatives Program (HAFA) is a government-sponsored program aimed to provide additional alternatives to foreclosure. Aside from loan modification (the government’s HAMP program) and underwater refinance (the government’s HARP program), the Treasury has also provided options for distressed borrowers through short sale and deed-in-lieu of foreclosure. Just like a small child that grows and changes, this program has also changed quite a bit since its inception just two years ago. In March of this year, the Treasury set out additional guidelines for short sale and deed-in-lieu of foreclosure through the HAFA program. Note that these changes are not … (10 comments)
At a speech in Virginia, the President encouraged Congress to pass legislation to establish a streamlined refinancing program through the Federal Housing Administration (FHA) that would help all non-GSE borrowers who are underwater on their mortgages (but still making their payments on time) to refinance at today’s low rates.
This proposed program is in addition to the HARP 2.0 program that was introduced on November 15, 2011 for responsible borrowers with either Fannie Mae or Freddie Mac backed mortgages. … (7 comments)
The Home Affordable Foreclosure Alternatives Program (HAFA) is a government-sponsored program aimed to provide additional alternatives to foreclosure. Aside from loan modification (the government’s HAMP program) and underwater refinance (the government’s HARP program), the Treasury has also provided options for distressed borrowers through short sale and deed-in-lieu of foreclosure.
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