Default Servicing News has highlighted Short Sales as the alternative to foreclosure…
HAFA (Homes Affordable Foreclosure Alternatives) …a build on HAMP, was introduced November 2009. It is a tremendous stride forward to protect the American Homeowner who is in a perilous position of upside down property values, unstable work environment and the rising cost of everything.
Some of the quotes from the article from industry leaders are a refreshing reprieve from the bad press that Short Sales have received by many that don’t understand the short sale!
Dave Sundland , Bank of America Vice President “Were very pleased. We welcome any effort to reach standardization for all parties involved in short sales.”
Jim Satterwhite, COO Infusion Technologies, (Industry liaison with the Treasury)”Short Sales used to be the eight hundred pound gorilla that no one inthe room would talk about for the longest time, but didn’t want to talk about” …fast forward to 2010…”and banks are now encouraging them.”
Scott Brinkley, EVP Outsourcing and Technology Solutions at First American Corporation, “Short sales tend to be most cost effective liquidation strategy for servicers and investors. Since the borrower usually participates in the process, the timeline to work through a short sale, compared to a foreclosure sale, is much shorter. An there is less risk of property damage.”
We will continue to follow up on HAFA…Look for more to come!
Best…Kris
