HAFA Short Sale Program

**BoiseRE** · 07-27-2010, 08:53 AM

How is everyone handling the new HAFA rules?

Is anyone run into any huge nightmares or inconveniences? I would love to hear any feedback.

Has this become a part of you business yet or is it still on the sidelines? Have the rules been easy to follow or have they been a roadblock to making deals happen?

Please share your thoughts on HAFA.

Just for reference:

A quick recap from hafaprogram.com

"On November 30, 2009, the US Treasury Department created the HAFA Program (Home Affordable Foreclosure Alternatives Program) to establish short sale and deed-in-lieu of foreclosure (DIL) policies, procedures and forms to provide alternatives other than foreclosure for borrowers. This program was created for those borrowers who:

Do not qualify for HAMP;
Are unable to complete a HAMP loan modification; or
Do not accept a HAMP loan modification.

The initial deadline for lenders and servicers to implement HAFA was April 5, 2010. The program expires December 31, 2012 unless it is extended. Lenders and servicers participating in HAMP, and all other qualifying loans, are required to follow the new rules in the HAFA program for all loans which meet the program.

-This is in-house content so I do have the rights to repost-

**bgubernick** · 07-27-2010, 11:05 AM

What bank in their right mind would want to work with this new program if there is high chance of them loosing money?

The metrics have been run to determine if the banks would come out ahead, meaning it would be worth their while to waive deficiency rights and give up their scratch and dent market, hire a ton of new employees to handle the workload, all for $1000? What bank in their right mind would willing sign up for this VOLUNTARY program?

To sum up everything most lenders are not taking this program seriously, as most of them have done very minimal to prepare for this new program.

**BoiseRE** · 07-27-2010, 11:12 AM

bgubernick,

Good points, our training company is hearing the same complaints from a large number of agents. They are basically telling us "what's the point of even learning about HAFA when no banks are participating?"

Good to hear it confirmed from a fresh perspective.

-Tyler A.
Boise, ID

**bgubernick** · 07-27-2010, 11:28 AM

Its terrible that programs set in place to help distressed homeowners are not even being taken seriously..

ps.. GO BIG BLUE!

**BoiseRE** · 07-29-2010, 06:57 AM

I can't even believe Boise State is ranked number 4. Its very odd, I went to school there back when we were not in consideration for the top 100 let alone the top 25. Should be a good year, I am looking forward to finally having football back.