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Comments

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  Paola Martinsen June 30, 2010 at 11:29am

  Has anyone completed or is in the process of completing a HAFA short sale with BAC?
  If so can you please provide me with a detail of your experience?
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  Donna Paul April 2, 2010 at 3:17am

  thanks Bryan.... I could contact the bank and ask them what amount they will accept on the second loan, sicne my seller wants to pay off the 1st loan.
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  Ray Saenz January 3, 2010 at 11:00pm

  Bryant,
  your thoughts are interesting, I will writing tomorrow, I am very tired!
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  Tracy Howard December 26, 2009 at 5:13am

  You're welcome. Hope it helps someone!!
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  Bryant Tutas December 26, 2009 at 2:54am

  Thanks for that update Tracy.
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  Tracy Howard December 18, 2009 at 7:32am

  From Mortgage News Daily 12/17/2009:
  
  Critical Home Affordable Modification Program Waiver Granted to Participating Servicers
  
  Effective today, a new critical Home Affordable Modification Program (HAMP) Waiver is granted to participating servicers, as detailed below.
  
  Permanent HAMP Waiver for Elimination of the 25% Trial Period Restart Rule #20091203 Supplemental Directive 09-01 (issued April 6, 2009) required borrowers to be reevaluated for a HAMP trial period if their verified income (as evidenced by the borrower's documentation) exceeded the initial income information used by the servicer to place the borrower in the trial period by more than 25%. The borrower would be reevaluated based on the program eligibility and underwriting requirements and, if eligible, would have to restart the trial period.
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  Rosemary Brooks December 14, 2009 at 5:02pm

  I am hopeful. It is a good plan, but plans are only as good as the participants. Banks need to stop playing games and homeowners need to be more aggressive in getting their servicer to treat them as the guideline mandate. The main problem is see is that HAMP has a hump and it until that is worked out, we won't see HAFA move to help many. I believe it up to us real estate professionals to keep this hot and hold those accountable to get it to the success level it can be. We have to educate the homeowners.
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  Tracy Howard December 8, 2009 at 12:48pm

  According to NAR, your comment was correct. Here's what NAR's post says about HAFA: "HAFA applies only to loans NOT owned or guaranteed by Fannie Mae or Freddie Mac, which will issue their own versions of HAFA in coming weeks." More to look forward to. :)
  Tracy Howard
  Keller Williams Realty Downtown
  Denver, CO
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  Tracy Howard December 8, 2009 at 3:53am

  Hi, Bryant, I read through the updated document with your comments. In the comment you added concerning a different program for Fannie and Freddie, I think both Fannie and Freddie are involved in HAMP and the directions for those loans that are "not Fannie Mae or Freddie Mac" just means that non-Fannie or Freddie loans MAY be part of the HAFA after following additional directives. Do you agree?
  Tracy Howard
  Keller Williams Realty Downtown
  Denver, CO
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  Wendy Rulnick December 2, 2009 at 12:43pm

  I've printed out, will read tomorrow! Thank you for putting it here, Bryant!