Certified HAFA Specialist

WHAT DOES IT MEAN TO WORK WITH A HAFA CERTIFIED SHORT SALE SPECIALIST? 

Fannie Mae and Freddie Mac recently announced their Home Affordable Foreclosure Alternatives (HAFA) program policies and guidelines, which are mandated for implementation by all Fannie Mae and Freddie Mac loan Servicers starting August 1, 2010.  The GSE’s implementation of HAFA should be a major catalyst for further growth in short sales, particularly HAFA short sales in 2010, 2011, and 2012 while the HAFA program is effective.

HAFA, which mandates deficiency forgiveness and provides $3,000 in borrower relocation support for qualified transactions, is the most pro-consumer program available and every short sale should first be evaluated for HAFA eligibility.

While the GSE version of HAFA is similar to the non-GSE version of HAFA, there are significant important program details specific just to the GSE version of HAFA. Visit GSE HAFA program information to view some of the unique aspects of the GSE HAFA programs.

Why a HAFA certified Specialist:

• Knowledge of just released Fannie/Freddie HAFA guidelines and updates released on March 26, 2010 by the Treasury Department.

• Specialist can notify you of what HAFA is and who it affects.
• Your options and how HAFA works with the Home Affordable Modification Program (HAMP).

• Will teach you how investors and the HAFA transaction work.

• Help you understand the responsibilities of Sellers (Distressed Borrowers), Real Estate Professionals, and Servicers under HAFA.

Home Affordable Foreclosures Alternatives Program: Guidelines and Forms

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