HAFA (Home Affordable Foreclosure Alternative) Program–Who Is Participating?

HAFA (Home Affordable Foreclosure Alternatives) Program.  Part 6 

Who is supporting The HAFA Program? 

In earlier posts we have provided a lot of information about the new HAFA program.  Detractors have said that if the program is voluntary it is not going to work.  Only time will tell.  However, many of the major players in the home loan business have already committed to support the program.

If your loan is being serviced by one of these major financial institutions you may find that the program is, in fact, having an impact on the short sale market.

 The major players include:

 Bank of America

 CitiBank

 GMAC Financial Services

 Wachovia

 Wells Fargo

If you are having trouble keeping up with your mortgage payments and have a legitimate financial hardship, the HAFA program just may help!

If your loan servicer is not one of the major players listed above, you can go the government web site, enter your servicer’s name and find out if they are or are not participating.

That link is:  http://www.MakingHomeAffordable.gov/contact_servicer.html

Remember that at this writing, loans guaranteed by Fannie Mae and Freddie Mac do not fall into the HAFA program guidelines.  That may soon change, or those institutions may adapt a similar program.

We can tell you from first hand experience that loan servicers are reacting much more quickly than they have in the past and they are asking distressed home owners to complete HAFA forms as part of the short sale process, even if the short sale started before the HAFA program was initiated.  To date, all indications are positive for the HAFA program.