Completed HAFA Short Sales Pass 10,000 Closings

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Mortgage and Lending with Guaranteed Rate NMLS #151088

According to a recent article from HousingWire, completed HAFA Short Sales have now surpassed 10,000 closings.  Since the Home Affordable Foreclosure Alternatives (HAFA) program was launched in April 2010, mortgage servicers have now completed 10,438 HAFA short sales through the end of June 2011. 

JPMorgan Chase tops the HAFA closed volume list.  The lender has now completed almost 3,600 approved HAFA short sales through the program. In June 2011 alone, nearly 1,000 were completed.

Wells Fargo comes in second place in completed HAFA short sales.  They have completed over 3,100 HAFA transactions.  Of those completed, nearly 700 were done in June 2011 alone.

Bank of America, the nation's largest bank, has now completed 1,873 closings since the program's inception.  

The HAFA program was launched as an way to handle loans that fell out of the Home Affordable Modification Program and the owners are no longer able to afford their monthly mortgage payment.  Once HAMP is no longer an option for a home owner to keep their home, HAFA may be an option for them to pursue a short sale.  HAFA gives incentives to servicers who work with home owners in distress.

When contemplating a short sale or foreclosure, always consult legal and/or tax advice.

 

 

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It is always advisable to consult with a knowledgeable lending professional when navigating today's turbulent mortgage and real estate marketplace.  I am committed, qualified and equipped to help you evaluate your options!

 

Also check out:

Conventional Financing Mortgage Program Overview/Updates

FHA Financing Mortgage Program Overview/Updates

USDA Financing Mortgage Program Updates  

 

Programs Include:

 

  • Conventional (Fannie Mae & Freddie Mac)

  • FHA, USDA, & VA

  • Jumbo to $3,000,000

  • Bank Statement Program for Self-Employed Borrowers

  • Foreign National Program

  • Investor Cash Flow

  • Non-Warrantable Condos

  • Georgia Power Leaseholds for Lake Burton, Rabun, & Seed

 

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  • Rodney Mason is a Licensed Branch Manager located in Atlanta, GA.   He can be reached at (404) 591-2453.
  • Providing financing for all cities across Georgia including: Acworth, Albany, Alpharetta, Athens, Atlanta, Augusta, Austell, Avondale Estates, Blairsville, Bloomingdale, Blue Ridge, Bogart, Brunswick, Buckhead, Buford, Canton, Carrollton, Cartersville, Chatsworth, Clayton, College Park, Columbus, Commerce, Conyers, Covington, Cumming, Dahlonega,  Dacula, Dalton, Dawsonville, Decatur, Doraville, Douglasville, Duluth, Dunwoody, East Point, Fayetteville, Flowery Branch, Gainesville, Greensboro, Hampton,  Hapeville, Hinesville, Hiram, Jackson, Jefferson, Jonesboro, Kennesaw, Lagrange, Lawrenceville, Lilburn, Lithia Springs, Macon, Madison, Metter, Morganton, Morrow, Newnan, Norcross, Oakwood, Peachtree City, Pooler, Richmond Hill, Riverdale, Rome, Roswell, Sandy Springs, Savannah, Scottdale, Statesboro, Stockbridge, Stone Mountain, St Marys, Sugar Hill, Suwanee, Thomasville, Thunderbolt, Tucker, Tybee Island, Valdosta, Waleska, Warner Robins, Waycross, Wilmington Island, Winder, Woodstock, and many more.

    Providing financing for all cities across Alabama including:
    Alabama Port, Anniston, Athens, Auburn, Bessemer, Birmingham, Boaz, Bridgeport, Cedar Bluff, Chickasaw, Clayton, Coden, Dauphin Island, Decatur, Dothan, Eufaula, Fairfield, Fairhope, Florence, Foley, Forestdale, Fort Morgan, Fort Payne,Gasden, Grand Bay, Gulf Shores, Heron Bay, Homewood, Hoover, Jasper, Josephine, Madison, Meadowbrook, Midfield, Mobile, Mon Louis, New Hope, Orange Beach, Oxford, Oyster Bay, Phenix City, Prichard, Rainbow City, Saraland, Satsuma, Scottsboro, Selma, Troy, Theodore, Tillmans Corner, Trussville, Tuscaloosa, Vestavia Hills, Warrior and many more.

  • Providing financing for all cities across Florida including: Altamonte Springs, Atlantic Beach, Boca Raton, Bradenton, Cape Coral, Clearwater, Coral Springs, Daytona Beach, Delray Beach, Destin, Fort Lauderdale, Fort Myers, Fort Walton Beach, Gainesville, Hollywood, Homestead, Jacksonville, Jupiter, Key Largo, Key West, Lake City, Largo, Marathon, Mexico Beach, Miami, Naples, New Smyra Beach, Ocala, Orlando, Palm Coast, Panama City Beach, Pensacola, Pompano Beach, Port St Joe, Sanibel Island, Sanford, Sarasota, St Augustine, St Petersburg, Tallahassee, Tampa, Vero Beach, West Palm Beach, & Winter Park, and many more.

 

  • Providing financing for all cities across South Carolina including: Aiken, Anderson, Beaufort, Bluffton, Charleston, Columbia, Conway, Edisto Island, Florence, Greenville, Hilton Head, Johns Island, Myrtle Beach, North Augusta, Orangeburg, Rock, Hill, Spartanburg, Sullivans Island, Summerville, and many more.  
  •   

    Providing financing for all cities across Tennessee including: Athens, Brentwood, Bristol, Chattanooga, Clarksville, Cleveland, Cookeville, Dyersburg, Franklin, Gatlinburg, Greeneville, Johnson City, Kingsport, Knoxville, Maryville, Memphis, Morristown, Murfreesboro, Nashville, Newport, Oak Ridge, Pigeon Forge, Sevierville, and many more

 

All mortgage lending guidelines are accurate at time of post, but are subject to change without notice.  Please call for the most current information.

    

           

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Re-Blogged 1 time:

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  1. Jose Siojo Santos 08/13/2011 12:15 PM
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Rainmaker
2,852,022
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Rodney - HAFA short sales saved over 10,000 families from foreclosures. Thanks for the information.

Aug 13, 2011 05:09 PM #1
Rainmaker
418,851
Rodney Mason
Guaranteed Rate - Atlanta, GA
Licensed in AL, FL, GA, SC, & TN

John.....While 10,000 is a large number, there are many more that did ultimately go into foreclosure.

Aug 14, 2011 01:26 AM #2
Ambassador
2,136,511
Respect Realty LLC
Respect Realty LLC - Milwaukie, OR
Brokers - Oregon / SW Washington Real Estate

The sad part is that number should be a heck of a lot higher considering how many foreclosures have taken place in the last year. I hope they are able to help a lot more people, but with the systems they have in place, I have a feeling we are in for the long haul.





Aug 15, 2011 06:27 PM #3
Rainmaker
418,851
Rodney Mason
Guaranteed Rate - Atlanta, GA
Licensed in AL, FL, GA, SC, & TN
Todd....Short sales are definitely here for awhile. HAFA is helping to streamline the process.
Aug 17, 2011 02:04 PM #4
Rainmaker
514,918
Elva Branson-Lee
Solid Source Realty GA - Atlanta, GA
CDPE - Atlanta Real Estate & Short Sale Agent

Yes, the number should be higher, but let us appreciate what has been accomplished. The lenders have not been cooperative in the first year of the program, but indications are that more are getting on board and/or developiing theri own versions of something very similar to the HAFA guidelines to expedie short sales.

Thanks, Rodney, for the good news report.

Sep 07, 2011 03:52 AM #5
Rainmaker
418,851
Rodney Mason
Guaranteed Rate - Atlanta, GA
Licensed in AL, FL, GA, SC, & TN

Elva....Yes, most lenders seem to be embracing HAFA and the success rate is improving greatly.

Sep 07, 2011 05:45 AM #6
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Rainmaker
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Rodney Mason

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