HAFA - Homes Afforable Foreclosure Alternative went into effect on April 5, 2010. This is a new administrative policy. Do you have questions?

Asked by Susan J Penn, PA,SFR,CDPE, Weston, FL Sat Apr 10, 2010

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Keith Manson-…, , Milwaukee, WI
Sat Apr 10, 2010
I agree with Hannah. This program is a nice step to standardize the short sale process, but the lenders are not on board or ready. There is no hammer to force compliance and things will be the way they are until there is a hammer. This is the second phase of hamp and hamp has been a failure! Someone needs to get everyone on the same page and get people that understand the process to implement. Too many are just there to say your case is still in process.

Keith Manson
First Weber Group
Certified Distressed PRoperty Expert
Metro Milwaukee

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Hannah Flieg…, Agent, Larkspur, CA
Sat Apr 10, 2010
Hi Susan,

The lenders are not agreeing to the terms of the HAFA. Also even if a borrower is able to obtain a short sale there is no guarantee that a new lender will extend a new mortgage to them right now anyway. The lenders have their own guidelines and can add to the suggested guidelines. Also, many homeowners are in denial and waiting until all their reserves are spent before seeking any kind of real help. The other problem is that there is no one available who will have an "exploratory" conversation with a home owner. Every professional out there offers 1 or 2 options and this directs the homeowner into those 1 or 2 options. Who is going to qualify for HAFA and how efficient are the banks going to be in moving these short sales when their are huge second liens on the properties?
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