NEW (HAFA) Program
Home Affordable Foreclosure Alternatives Program (HAFA)
HAFA Takes Effect on April 5, 2010
April 5, 2010, is the deadline for participating servicers to implement the Home Affordable Foreclosure Alternatives Program, known as HAFA. The program reportedly covers servicers handling more than 90 percent of all mortgages. REALTORS® are already hearing that the staff of many servicers have not yet even heard about the program, so it is clear that many servicers will not "hit the ground running." Patience will be needed, but now that there is a program in place, REALTORS® can negotiate faster short sales by urging compliance with the new procedures and deadlines. NAR will carefully monitor implementation and will report delays and other program problems to the Treasury Department.
NAR's www.realtor.org/shortsales webpage provides extensive information for REALTORS® and others about how the program works.
