What is the HAFA news all about

HAFA (Home Affordable Foreclosure Alternative) is the new government program that went active several weeks ago. We will be hearing A LOT about this program in the near future. Following are just a few of the numbers to help clarify why we have HAFA and its basic intention to help home owners.

HAMP (Homes Affordable Modification Program) is the federal program to help home owners modify their existing loan. Eighty Five (85%) of the home loans are covered under the HAMP program through the countries lenders and service companies. Over 3 million packages were sent to home owners.
Of these 3 million, approximately 800,000 were entered into a trial modification program. Of these trial programs, approximately 20% make a full modification program which is about a 160,000 loans. Of these 160,000, approximately 60% default after the trial.

Now enters the HAFA program. HAFA is actually a subset of the HAMP program. Mortgagor’s that have been entered in HAMP must pass through the HAFA program. On paper, this is a win/win for both the lenders and the homeowners since it will hopefully help save homes from Foreclosure which is the full intention of HAFA.

Please remember, at HomeStalkers, we have worked with hundreds of homeowners to avoid foreclosure. Please give us a call for a private consultation.

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