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.