I have a client who has trying to get Fannie and Freddie to approve a loan mod for her for a year with no progress.  She is now considering a short sale.  Her loan is owned by them so I know that HAFA will not work. 


I hear that Fannie and Freddie will be rolling out a similar program.  Does anyone know what this will be and WHEN this will be?




Jonathan Bunn

Northern VA

Views: 24

Reply to This

Replies to This Discussion

Because of the no deficiency/Promissory note restrictions, Most lenders cannot really participate in HAFA. BOA, Wells Fargo, and Fanny/Freddy are rolling out similar, streamlined programs that omit the deficiency restrictions.

You will still have to understand the process and the new guidelines in order to be successful.
Interesting point. Have you heard of any specific bank who is saying they won't participate?
All of them. Officially they are "participating," but only portfolio loans will qualify. BOA alone has over 1000 separate investors, and they will simply not allow approvals based off of HAFA guidelines. The government has a great idea in HAFA, but they went after the wrong entities. They should have made it mandatory for lenders and their investors.



Ocwen Contacts Short Sale Package

Started by Jan Baron in Rants and Raves. Last reply by Anna Wilk Jan 14, 2016. 5 Replies

Shellpoint Mortgage

Started by Celeste ODea in General Discussion. Last reply by Brett Goldsmith Sep 4, 2015. 3 Replies

Extension Fees & Closing

Started by Colleen J Couse in Rants and Raves. Last reply by Brett Goldsmith Sep 3, 2015. 1 Reply

© 2019   Created by Mike Linkenauger.   Powered by

Badges  |  Report an Issue  |  Terms of Service