This government program Home Affordable Foreclosure Alternative initiated in April 2010 was set in motion and expectations were high.
Every Real Estate Agent and Broker experienced in the Short Sale Process or lack there of, had a “spring in their step” expecting the lengthy short sale process to be expedited and streamlined; as it was so eloquently promised in it’s November 2009 introduction by the US Treasury.
OK, so we all agree that BofA sucks at HAFA…so what about the other banks…
The Scorecard according to HousingWire.com:
JPMorgan Chase is the programs leading performer, completing nearly 3,600 through the program, including nearly 1,000 in June alone.
Wells Fargo was second, completing more than 3,100 since the program launched and roughly 700 in June.
Bank of America completed 1,873 HAFA transactions, an increase of roughly 200 in the month.
Let’s hope for increased efforts by BofA in the future months, considering that BofA “handles” over 40% of America’s mortgages.
Till next time,
Kris
