Today the banks who signed on for HAMP in 2009 have agreed to increase their participation in HAFA(Housing Affordable Foreclosure Alternatives) an extension of HAMP that provides incentives for banks and servicers to streamline the Short Sale process.
Banks and HAFA
Bank of America for instance partnered with equator.com in November to decrease the short sale approval timelines from 6 months to 45 days to conform to the HAFA guidelines. Other lenders Like Wells Fargo are able to approve 23% of the Short Sales they service in 10 days.
What is HAFA?
HAFA will continue to evolve as banks and servicers adopt and implement HAFA rules and guidelines. In the mean time home owners can visit www.whatishafa.org to determine if they qualify for HAFA.
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[...] because every short sale situation is different. Perhaps this is CHASE’s way of adopting HAFA into their systems. What I do know is that we have come a long way in the last six months and the [...]