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?

 

Thanks...

 

Jonathan Bunn

Northern VA

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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.

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