HAFA? HAMP? HORA? !%##@


Half million dollar house in Salinas, Californ...

Image via Wikipedia

HUH? If you’re confused you are not alone. Keeping up with the keep your home from foreclosure programs that keep coming out is a daily chore! Every time someone asks me,
“What do you know about this new program “they” are coming out with to help homeowners avoid foreclosure?” I have to ask, which one?

The new kids on the block would be from our favorite servicers’ Chase and Bank of America, with the Assist To List Program (Chase) and the High Performance Outreach Program or HPOP (Bank of America). After doing some research on the programs, both are their own spin offs from the HAFA program. Servicers’ were given 120 days from April to put the HAFA program into effect. Chase has begun a call center that is dedicated to help their borrowers who have listed their home for short sale and anyone else trying to start the short sale process. BofA has used their Equator system and once your short sale package is entered into the Equator system it is routed to your negotiator for a speedier process. BofA has also gathered a handful of borrowers that have fallen out of their loan mods or did not qualify for a loan mod and has contacted them directly to start their new HPOP program. BofA expects to tweek their program in the future.

The biggest differences from the past is that you no longer need a hardship letter, there is no deficiency judgement or threat of, the seller will receive $3,000 at closing for moving and we can expect (dare I expect?) a 7-10 day answer if it’s a Fannie Mae or Freddie Mac loan.

Be aware – this is not for every short sale – we are still in trial mode and most of these borrowers have been “hand-picked” for these programs! Maybe you had a FHA loan or maybe you fell out of your loan modification program. Do these qualifications not fit you? Stay tuned for the next

H _ _ _ program!

Until then, tell me what your program would be. I’d love to hear your suggestions!

Debbie Atwood Is Making A Splash In Snohomish County!

Advertisements

Tags: , , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: