Latest HAFA program updates

posted Feb 24, 2011, 5:30 PM by Svetlana Raleigh   [ updated Feb 24, 2011, 6:02 PM ]

Here are some highlights to be aware of:

  • HAFA is effective in the marketplace today… and in fact, non-GSE HAFA guidelines were recently expanded to include more borrowers and properties.

  • "The HAMP Solution Center has received absolutely no indication of a ‘possible phasing out of the HAFA program’ prior to December 31, 2012."

  • Just 2 to 3 years ago there were absolutely no nationwide standards in regards to systems, models, forms, terms, and timelines in the short sale market. HAFA created these much needed standards.

  • Both the HAMP and HAFA programs are currently slated to expire on December 31, 2012

  • Raleigh Real Estate is HAFA Certified Specialists, and it is our fiduciary duty to understand and provide homeowners with ALL of the options in the foreclosure alternative arena

  • There was a bill introduced last week by the GOP in Congress aimed at the repeal of HAMP. The bill is not directly aimed at HAFA, in fact we feel HAFA would be more effective as a stand-alone initiative.

  • The reality is that HAFA is an option today for homeowners who qualify.

Additional information:

GOP introduces bill to eliminate HAMP (HousingWire, January 28, 2011):

GOP introduces bill to eliminate HAMP loan modification program (Blog, January 28, 2011):