NEW Home Affordable Foreclosure Alternatives Program

Tue, Jun 1, 2010


Today, June 1, 2010, Fannie Mae released Servicing Guide Announcement SVC-2010-07: Introduction of Fannie Mae’s Home Affordable Foreclosure Alternatives Program. The announcement provides an overview of the Fannie Mae Home Affordable Foreclosure Alternatives (HAFA), which, is designed to mitigate the impact of foreclosures on borrowers who are eligible for a loan modification under the Home Affordable Modification Program (HAMP), but ultimately were unsuccessful in obtaining one.

From the Fannie Mae Website:

“Fannie Mae’s HAFA provides financial incentives to servicers and borrowers who utilize a short sale or a deed-in-lieu (DIL) of foreclosure to avoid a foreclosure on eligible loans, which helps preserve the condition and value of the property by minimizing the time a property is vacant and subject to vandalism and deterioration.

The effective implementation date is August 1, 2010; however, servicers are encouraged to implement the Fannie Mae HAFA earlier than that date.
HAFA Program Summary

The Fannie Mae HAFA program simplifies and streamlines the use of short or “preforeclosure” sale and deed-in-lieu of foreclosure (DIL) options by incorporating the following unique features:
Complements HAMP by providing alternatives for borrowers who are HAMP eligible (including borrowers facing imminent default);
Utilizes verified borrower financial and hardship information collected in conjunction with HAMP, eliminating the need for additional eligibility analysis;
Allows the borrower to receive pre-approved short sale terms prior to the property listing;
Prohibits the servicer from requiring, as a condition of approving the short sale, a reduction in the real estate commission agreed upon in the listing agreement;
Releases the successful HAFA borrower from future liability for the debt;
Uses standard processes, documents, and timeframes;
Provides financial incentives to borrowers, servicers and subordinate lienholders.”

For complete information click here.

, , , , ,

3 Comments For This Post

  1. Jefferson Says:

    No matter if some one searches for his vital thing, therefore he/she wishes to be available that in detail, so that thing is maintained over here.

  2. real racing 3 cheats for ipad Says:

    I discovered your blog site on google and check a couple of of your early posts. Proceed to maintain up the very good operate. I simply additional up your RSS feed to my MSN Information Reader. Seeking ahead to studying extra from you in a while!…

  3. viagra Says:

    Write more, thats all I have too say. Literally, it seems as
    thogh you relied onn the viodeo to make your point. You definitely know what youre talking about, why waste your intelligence on just posting videos to your blog when you could be giving us something informative to read?

    My site - viagra

1 Trackbacks For This Post

  1. 12000mah行動電源 Says:


    Search via a superb choice of Las Vegas hotels to uncover the excellent one for you. Ensure you really do not miss out by booking on-line. Last minute offers on numerous hotels in Las Vegas….

Leave a Reply