Short Sale Mastermind Shares Intelligence
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We have Trent Chapman with us at the moment to offer a little valuable information about the HAFA program. We understand that it is not a popular subject, but Trent has some great insight.
HAFA is truly magnificent for the house owner. It has many benefits for them including release of lien and liablility, no cash at closing, and obviously it is a superior option than foreclosure.
However, it doesn’t have enough benefits for the lender to want to commit to it. Consider if you are a lender in the second position and you have a $20,000 lien, with the HAFA method, the lender has to take just $600 for the note. Still, they get a $1000 bonus for using the HAFA program. The home owner gets a $1500 bonus for using the HAFA plan. Also, with the HAFA program, the lender can not come after the house owner at all. Furthermore, they must cooperate within 30 days and also have to decline or agree to within ten days of getting an offer. It leads to alot of work and many constraints on the bank. There are many banks that have signed up for the HAFA plan. Clearly, this makes them look respectable in the public eye. If you look at the HAMP program, 4 million houses qualified and less than 100,000 have been approved. There are really more than 750,000 people in the trial loan modification program. So, they are all making payments in hopes of a loan modification. Still, the banks are only approving about 5 percent of those loan modifications.
At the end of the day, the government has created a short term resolution. Yet, this mortgage catastrophe has created a long term predicament.
http://group4610shortsale.com” title=”Arizona Short Sale Specialists Answer Questions”>Short sale FAQs and more.
Get powered up by Kevin and Fred at http://shortsalepowerhour.com/short-sale-genius-shares-his-hafa-thoughts-short-sale-power-hour-02-25-10/ title=”Short Sale Genius Shares His HAFA Thoughts”>Short Sale Power Hour by the Short Sale Specialists of Arizona
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