HAFA Government Program

Treasury's HAFA Program Falls Short at End of 3rd Quarter

Posted by Admin on Oct 25, 2010 in HAFA Government Program | 0 comments

Breaking news! Today it was reported to congress, at end of 3rd quarter 2010, Home Affordable Foreclosure Alternative (HAFA) successfully completed 342 Short Sales or Deed’s in Lieu…report. The HAFA program was introduced April 5, 2010…with Freddie Mac and Fannie Mae following up in August 2010 with their versions of HAFA. OK…I’ll say it…thats just pathetic! Why? When you realize that in September 2010 U.S. banks foreclosed on 100,000+ homes…a record number of foreclosures, the 342 successful HAFA Short Sales and/or deed in lieus were...

Short Sale up 27% in 2nd Quarter…Loan Mods Increase 24%

Posted by Admin on Sep 10, 2010 in HAFA Government Program | 0 comments

In this brief from the FHFA or Federal Housing Finance Agency released today… Foreclosure starts increased by 12% to nearly 275,100 Completed Foreclosures increased 15% to 112 Decrease in Loan Mod Failures i.e. going 60 days late after loan mod granted…less than 10% Fannie Mae & Freddie Mac Short Sale and Loan Mods have increased dramatically in their efforts to stop foreclosure activity. Here’s a link to today’s release http://www.fhfa.gov/webfiles/16691/2q2010ForeclosurePrevention91010PRF.pdf and a link to the quarterly report...

Foreclosure Roulette A New Way Banks Deal With Delinquent Homeowners

Posted by Admin on Sep 1, 2010 in Government Bills, Regulations and other news affecting, HAFA Government Program | 0 comments

I think we are getting a glimpse of things to come…new buzz word for sure! Foreclosure Roulette. This article was front page of Huffington Post earlier today. Bea Garwood has been bracing for foreclosure since May, but she says she’s been told three times to expect a sheriff’s sale in the next month and it still hasn’t happened. “We really at this point do not know where we are in the process,” said Garwood, who lives in Pinckney, Mich. with her husband. “We have no clue. We haven’t even heard from Chase bank in three weeks.” The...

Foreclosure Roulette…Deadly Game Of Home Foreclosure!

Posted by Admin on Aug 31, 2010 in Bank Negotiations and Short Sales in Southern California, Government Bills, Regulations and other news affecting, HAFA Government Program | 1 comment

This is just brilliant…in my opinion. As a Realtor in Southern California I have to agree with the writer! One of my favorite excerpts in bold …Read the entire story and enjoy…it’s an interesting perspective! An acronym soup of programs followed, which were promoted as providing help for America’s homeowners: HAMP, HAFA, HARP, 2MP and more. But the reality is that, to date, these programs have resulted in little more than delays. The government and lenders say that these failures are due to complexities of implementation, difficulty reaching homeowners, and...

Modification cancellations are up, Federal Foreclosure Program Struggling

Posted by Admin on Aug 21, 2010 in Frequently Asked Q&A about Short Sales, Government Bills, Regulations and other news affecting, HAFA Government Program | 0 comments

Reporting from Washington — Just as the housing market recovery has stalled, so has the Obama administration’s main program to ease home foreclosures. Only 36,695 homeowners received permanently lowered mortgage payments in July through the much-criticized Home Affordable Modification Program, the smallest increase since December, administration officials said Friday. And the number of people dropping out of the program continued to soar. Overall, nearly half the homeowners who entered the program since it launched in March of last year have dropped out. Many had hoped the...