The Home Affordable Foreclosure Alternatives (HAFA) program will continue to grow and change as the market conditions change. It’s very important for Real Estate Professionals to stay on top of these changes to help their clients through potential loan modifications and short sales if and when the client deems them a necessary course of action.
In December 2010 a handbook was issued by the Treasury (version 3.0) for Servicers of Non GSE Mortgages. This means the program that details the HAFA guidelines for loans that are not owned or guaranteed by Fannie Mae or Freddie Mac. It also specifically applies to Loan Servicers that have signed a HAFA participation agreement (which includes 90%+ of the loans in effect).
The changes to this handbook are here Supplemental Directive effective February 1, 2011
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