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Apr 5

What you need to know about HAFA in the Silicon Valley

Monday, April 5, 2010 | 1 comment

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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One Response to “What you need to know about HAFA in the Silicon Valley”

  1. San Jose Real Estate * Santa Clara County * Richard Gonzalez * Real Estate Broker * Realty World Powerhouse Brokers » Blog Archive » How the NEW CHASE Short Sale Department Can Speed up Your Approval on June 4, 2010 at 12:15 pm

    [...] 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 [...]