HAFA Lender Letters - Don't let em fool ya.

As a realtor, I reviewed my first HAFA request with a client whom thought the letter receivd by overnight delivery was the same old thing just another letter informing her that she did not qualify for HAMP. There was exactly 14 days to respond and after a telephone call and four different departments and four different representatives we landed in the HAMP center which was outsourced to yet another company. Once we got to the right person and department promises were made verbally to my client and a series of letters are expected next. Looking forward to working in the HAFA program and hope this process is painless.

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Comments

  • Jesse...Expecations not really just high hopes...

    and Billie...This homeowner is worth my time and again I have high hopes.
  • Denise, I am not quite as skeptical as Jessie. I hope it does work. There are many hardworking people that CAN afford to stay in their homes with a proper loan modification ( I know that it is a HAMP issue) For the past 3-4 years I have thought that the way in which most lenders deal with the home owner is crazy. At 5 Star 3 years ago at a Lender Roundtable the lender's agreed. You cannot start off the conversation with the borrower by banging them on the head by a collection department, and then expect them to "take the call" when you want to let them know their options to foreclosure. I am not so pollyanna to think that everyone deserves to be a homeowner, but when I have a client that loses their job, and continues to pay their mortgage with their unemployment check and side jobs such as day labor and the lender won't do a loan mod because they "don't have a job". Hello...they're making their payment, it will just make it easier for them to do so, if it is lowered even temporarily.. It also annoys me when the new payment is so much higher than the old one, and I am told they can't stretch the term to make the payment lower because that would be a new loan not a loan mod. Most annoying are the so called loan modification experts that take a fee from the uneducated homeowner and then do NOTHING to help. HAFA may make our jobs as REO professionals easier, with pre-approved short sales and deed in lieu's, let's all hope so.
  • I agree with Jesse! Expect the program to fail miserably, like any other government bailout attempt. That way, you will NOT be disappointed, and may actually be surprised if the experience is decent! I'm not placing very big expectations on HAFA, there are too many holes in it. We have a good group set up for HAFA discussions: http://www.theshortsaleguide.com/group/hafaprogram
    HAFA Short Sale Program
    This is a group to discuss the HAFA (Home Affordable Foreclosure Alternatives) Program, which is to streamline the short sale process.
  • DENISE STOVALL......IT'S THE DAMN GOVERNMENT FOR GOODNESS SAKE, YOUR EXPECTATION IS TOO HIGH!

    No, seriously........HAMP failed because it was flawed from the start. Giving people a handout for homes they couldn't afford, can't afford and won't ever be able to afford in an economy where we are loosing jobs or have lost enough jobs to put us on equal footing with the Great Depression is going to "save homes".

    HAFA is just a political means to a political end for a Progressive left whose agends is to socialize this country. To quote Obama, "I do think, at a certain point, you have made enough money"

    Will HAFA work, that remains to be seen. Do I believe it will work, not really. The truth of the matter is, the process is so complicated, so filled with red tape, so needlessly filled with hoops that making it work takes a committee of people.

    Anyways, that's just my 2 cents.
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