Charlotte Real Estate, Foreclosures, Short Sales

HAFA, the Home Affordable Foreclosure Alternatives directive set to kick off April 5th was announced by the Treasury Department last November as an answer to the large number of loans not meeting the eligbility requirements to be fully accepted into the HAMP program.  HAMP, the Making Home Affordable Program has been a blessing for some and a nightmare for others.  The servicer of the loan has a good amount to do with the homeowner's experience. 

March 12, 2010 Release of Loan Modification Information

Number of permanent modifications increases by 45 percent

WASHINGTON - The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released February data for the Administration's Home Affordable Modification Program (HAMP). As of the end of the month, more than one million borrowers were receiving a median savings of $500 each month - a 36 percent median monthly payment decrease. Permanent modifications have been granted to 170,000 homeowners and an additional 91,800 permanent modifications have been approved by servicers and are pending only borrower acceptance.

The February HAMP report can be found here:
http://www.makinghomeaffordable.gov/docs/Feb%20Report%20031210.pdf

Now Back to HAFA...

This week I will focus my blogposts on the HAFA directive.  There are lots of questions homeowners have.  One popular question that reaches our office daily is "Will HAFA stop my foreclosure".  According to the documentation released from the Treasury Dept, Page 3 reads  "Pursuant to the servicer's policy, every potentially eligible borrower must be considered for "HAFA" before the borrower's loan is referred to foreclosure or the servicer allows a pending foreclosure sale to be conducted".  Please check with your servicer for more information on how your application to pursue a short sale may suspend a pending foreclosure.

Buyers...
Be prepared for an increase in short sale listings for many months to come.  This will require patience, patience and more patience.  We are currently working with homeowners facing foreclosure that have expressed their desire to sell quickly and move forward in their life.  For a list of homes that are available, please visit this area of our blogsite.