7 Reasons to Market the Home Affordable Foreclosure Alternative (HAFA) ProgramMarki Lemons
July 2, 2012 — 914 views
Is now the time to beef up your marketing campaign to homeowners experiencing financial difficulty? Over 10 million residential properties with a mortgage are upside down. Negative equity combined with high unemployment is driving the foreclosure market. REO inventory continues to grow at a disturbing rate. Loss of equity isn't a financial hardship, but when you couple it with high unemployment rates and an increasing cost of living, you have a compelling story for a short sale approval.
In 2009 The Obama Administration first introduced Americans to the Making Homes Affordable (MHA) program. The initial program was established to help struggling homeowners. On April 5, 2010 the Home Affordable Foreclosure Alternative was implemented for non-Fannie Mae and Freddie Mac loans. According to the Supplemental Directive which gives guidance to servicers the HAFA program will implement changes to their program on June 1, 2012 that will be beneficial to homeowners--especially those who are investors of 1-4 unit residential properties.