GOVERNMENT FORECLOSURE RESCUE PROGRAM – HAFA

May 9, 2010 at 11:27 am Leave a comment

Cromford Report, a highly recognized real estate market tracker reports that the number of active short sales in the Multiple Listing Service (MLS) in Metro Phoenix have increased by 35% compared to last year from 11,992 on May 8, 2009 to 16,326 yesterday.

To help homeowners who are unable to keep their homes under the Home Affordable Modification Program, the Home Affordable Foreclosure Alternative (HAFA) program may make a short sale or a deed-in-lieu of foreclosure a viable option to help them avoid foreclosure. The HAFA Program, which took effect on April 5, 2010, provides servicer, seller and junior lien holder incentives for these transactions and is designed to simplify and streamline use of short sales and deeds-in-lieu of foreclosure.

To understand the HAFA program, click on the link below to watch the video.

http://link.brightcove.com/services/player/bcpid1465406675?bctid=75779465001 . You may also go to Nar.org for more information.

Time will tell if HAFA will hold any promise. Earlier the government initiated loan modification rescue plan dubbed as Home Affordable Modification Program or HAMP helped almost no one. The failure was largely due to the fact that lenders are not obligated to join the program and HAMP qualifications apply to only a few. If HAFA makes sense or should I say, “cents” to the lenders and is effectively executed then perhaps, we will see the goal of expediting short sale come to fruition. Thereby, truly helping distressed and troubled homeowners.

Entry filed under: Arizona Real Estate, Chandler Real Estate, Foreclosures & Short Sales, Phoenix Real Estate, Real Estate Deals, Uncategorized. Tags: , , , , , .

Maricopa County Trustee Sale and Investor Seminar a Great Success Q AND A ON HAFA GOVERNMENT RESCUE PROGRAM FOR HOMEOWNERS

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