Replies to This Discussion

Permalink Reply by Karyl Moore on November 3, 2010 at 9:21am

Wow! That's even worse than I would have guessed. Where did you get the figures?

Permalink Reply by Jeff Payne on November 3, 2010 at 9:23am

Housing wire

Permalink Reply by Joseph Kuhl on November 3, 2010 at 10:27am

Yeah, I sore it. Not to get too political here, but I wouldn't exactly blame the government. HAFA is a mutant creature that will probably die a slow death. Why? Because it's NOT mandated! Cause that would be government intrusion ...

Well, Mr. Bank, if you feel like doing a short sale, we'll give you a piece of candy, and here's an M&M for you, Mr and Mrs OuttaLuck. And be nice to Mr. HELOC and Mr. PMI over there in the corner, well 'cause, we have to be extra nice to them - we can't give candy to everybody yanno.

For HAFA, to work, it has to be mandatory, clear and enforceable. Congress does not have the backbone to make that happen. I wonder why ....

You realize the banks could solve this whole fiasco themselves, right? But they won't. Most people here do short sales, and you know, the overwhelming things I hear is that once you get that package into the banks is that they sure do know what they're doing - hard to find a more knowledgeable, realistic, focused and capable bunch of people, isn't it? Talk about problem solvers ...

I guess we can thank the government for that too.

Permalink Reply by Pattilynn Guilford on November 17, 2010 at 6:53am

The banks are the Federal Reserve - "a banking cartel designed to protect its members" who are the richest people in the world. Read the Creature from Jekyll Island.

The government has no power against the Fed, but has given them much power including the spending and printing of American dollars at the expense of American citizens. When the president went to the banks demanding no golden parachutes for CEO's...they returned TARP money.

Except AIG - who is the NY Fed. Tarp had the blessing of the previous president and was dead wrong on arrival.

CPDE founders created HAFA.

The more you know....

Permalink Reply by Karyl Moore on November 17, 2010 at 7:37am

PattiLynn: I Googled The Creature from Jekyll Island and one of the original creators of the Federal Reserve was J. P. Morgan (Chase), the father of my favorite (hah!) bank.

Permalink Reply by Kimberley Kelly on December 5, 2010 at 1:45pm

I am so over HAFA. Here's the thing. They tell us to apply for HAFA before listing..they assign us a list price, which is usually too high. We have 120 days to market it, which is about the time we have to protect the credit of our Sellers as opposed to going to Foreclosure. OK..I have had no luck with this. What I have been able to get through more than once is to submit the offer with all supporting docs to standard Short Sale, tell them I think the SEller will qualify for HAFA, have them work them both at the same time. When the Standard gets accepted, I remind them we want HAFA as Sellers are qualified. Then the ARASS and HUD submission, then if I get luck (and I have several times), they get the HAFA approval. The only reason to push for it is the Relocation fees to Sellers. They cut commissions to 5% to pay their in house "closer/negotiaton co" What??? HAFA is a Good idea, bad implementation. I agree that it's because the banks will NOT do anything they are not policed to do, but we don't seem to want Regulations. What to do???

Permalink Reply by Michael Schneider on December 15, 2010 at 6:41am

If there is a 2nd or other encumbrance, probably no HAFA (because of the 6% rule).

If MI, then probably no HAFA (becuase the MI company must approve)

If insolvent, HAFA has limited value (because a BK will extinguish the deficiency, if pursued)

Gotta find the elusive HAFA segment: Relatively affluent among  the HAMP eligible, with a 1st only, and no MI.

Permalink Reply by Michael Schneider on December 30, 2010 at 7:44am

Jeff,

This post of for you...Here is the 4/6/2010 DSNews summary of HAFA at time of birth:

4/6/2010 The administration's Home Affordable Foreclosure Alternatives (HAFA) program is in effect, and players from every corner of the industry are teaming up and working in unison to help ensure the short sale program's success. The Treasury's Laurie Maggiano tells DSNews.com that major servicers are ready, with dedicated staff on hand to handle the influx of short sale requests. And some of the biggest players, like Bank of America, are taking it one step further, partnering with technology firm Equator and RE/MAX agents to hit the ground running.

I especially like the phrase "working in unison to ensure...success", perhaps we should replace "in unison" with "in a vacuum".