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Fannie Mae and Freddie Mac Begin Government HAFA Short Sale Programs!

HAFA Exclusive CoverageFrom A CDPE Short Sale Expert

HAFA Exclusive Coverage From A Sacramento CDPE Short Sale Expert

 

Exclusive HAFA Coverage

Looking Foor Information On Sacramento Short Sales? Need a Trusted Resource To Help You Decide To Do A Short Sale In The Sacramento Area? Sacramento Short Sale Service Provides Up-To-The Minute Short Sale Information For Sacramento Short Sales!

Sacramento Area HAFA Short Sale Expert and CDPE Certified Sacramento Short Sale Specialist Provides Continual Coverage of HAFA; the latest Government Short Sale Program.

Sacramento Short Sale Agent Reports GSE’s to participate in HAFA.  This will rewrite the Short Sale Definition. Since it’s first roll-out in April, HAFA has already made a significant impact on short sale processing for the small number of homeowners actually able to qualify for the HAFA Government Program.  The biggest question from all involved including homeowners, servicers, agents etc. was “why aren’t the GSE’s (Government Sponsored Entities)  involved with HAFA?”  Well now, The GSE’s have their own HAFA Government Program.

You see, When the Treasury’s Home Affordable Foreclosure Alternatives (HAFA) program rolled out in early April, officials explained that Fannie Mae and Freddie Mac loans (over 70% of the Nations Mortgages) were not eligible – an interesting omission considering Fannie and Freddie are fully operated by our government and under full government control. These entities are supposed to be the pillars of strength supporting the administrations response to out housing crisis, yet they weren’t even participating in the latest and greatest government anti foreclosure program.

When asked about how that could be, both GSE’s stated they would be rolling out their own HAFA guidelines soon.  Well they have done so finally and it looks as if the short sale definition is finally going to change! …the deadline to implement is just around the corner.

Both Fannie Mae and Freddie Mac encouraged their servicers to begin implementing the new  HAFA procedures “immediately.”But by August 1, 2010, all Fannie Mae and Freddie Mac servicers must have incorporated HAFA into their operations and  so soon, nearly all mortgages will be offering HAFA solutions to eligible borrowers. The program is effective through December 31, 2012.

Are you eligible for HAFA? What other Government Programs might you be able to qualify for?

New Government Foreclosure Prevention Program Eligibility- Which Programs Do You Qualify For?

Just like the original HAFA program, Fannie and Freddie’ HAFA program will pay financial incentives to both servicers and borrowers who make use of a short sale or a deed-in-lieu to avoid a foreclosure on a HAMP-eligible loan. Servicers will receive $2,200 for every HAFA short sale and $1,500 for every HAFA deed-in-lieu completed. Borrowers are entitled to an incentive of a $3,000 HAFA payment to assist with relocation expenses.

See Fannie Mae’s HAFA Fact Sheet here… and review Freddie Macs HAFA Fact Sheet Here

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