hafa: HAFA Short Sales Become More Popular.
- 08/17/11 03:59 PM
We have several clients in various phases of the HAFA program. So far I feel as if it's a beneficial program because it all but guarantees the borrower will avoid a foreclosure. It also takes a lot of the guess work out of the short sale process and typically shortens the amount of time it takes to get approval terms after the offer is submitted to the lender. The biggest downside that I've seen so far is if the approved list price is too high. Disputing the value in a HAFA short sale is a challenge. HAFA Gains Steam with … (2 comments)
hafa: Pros and Cons of the HAFA Short Sale Program
- 06/30/11 02:11 AM
Over the past few months, we have seen a pretty significant increase in the number of our short sale clients pursuing the HAFA program. The jury is still out on whether or not I actually like HAFA, but I think the program does offer some positives for the borrower. We've recommended HAFA to several of our clients who were closing in on a foreclosure date. We've found it's a pretty decent way to help stop a foreclosure and give us, the agent, a chance to sell the home. However, you can't wait until the last minute. Most servicers won't allow borrowers to … (0 comments)
hafa: Government Issues New HAFA Guidelines
- 04/08/11 03:53 AM
My Take: Servicers just couldn't live up to the updated terms that became effective back in February, so the government has decided to modify things a bit. Still a good program for certain borrowers. Treasury Department Issues New Guidance for HAFA Short Sales By Carrie Bay 04/07/2011 The U.S. Treasury Department has released updates to the policy guidelines for the Home Affordable Foreclosure Alternatives (HAFA) program, which provides additional options to homeowners who do not qualify for a federal modification and offers incentives to borrowers, servicers, and investors who utilize a short sale or deed-in-lieu to avoid foreclosure. The … (0 comments)
We have several clients in various phases of the HAFA program. So far I feel as if it's a beneficial program because it all but guarantees the borrower will avoid a foreclosure. It also takes a lot of the guess work out of the short sale process and typically shortens the amount of time it takes to get approval terms after the offer is submitted to the lender. The biggest downside that I've seen so far is if the approved list price is too high. Disputing the value in a HAFA short sale is a challenge. HAFA Gains Steam with … (2 comments)
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