The Agent Insider Blog

Supplemental Directive 11-08 Contains Important New Policy Changes for HAFA Effective Immediately! On August 9, 2011, the Treasury Department issued Supplemental Directive 11-08 for its HAFA program. The new policy changes and clarifications of previous HAFA policies are as follows: Borrowers are currently provided with a 14-day period to respond to a servicer’s invitation to [...]

VIDEO: at end of post At the end of 2010, the United States Treasury Department in Supplemental Directive 10-18, amended the HAFA short sale rules and policies for non-GSE servicers and lenders. The effective date for the new HAFA amendments was February 1, 2011. All real estate agents who work with HAFA short sales need [...]

I just wanted to let everyone know about an article regarding HAFA in this month’s Issue of CAR magazine where I outline some of the most important benefits to real estate practitioners who learn about the HAFA program.

In an effort to help agents and streamline the HAFA short sale process, Bank of America and JP Morgan Chase have posted new information and resources online for real estate agents.

On April 5, 2010, the HAFA program became mandatory for all for non-GSE (non-Freddie Mac and Fannie Mae loans) servicers participating in the HAMP program. According to the Making Home Affordable Program Servicer Performance Report issued on July 26, 2010, although some of the servicers were slow to implement the program, as of the end [...]

I had the pleasure to be interviewed a few weeks ago for an article that was posted to the NAR’s homeowner focused website – houselogic.com. The article covers the HAFA program incentives, advantages and disadvantages of a short sale and also gives homeowners a short explanation regarding how to begin the short sale process. Read [...]

Click here to get the chart from the video. This video covers five differences between the Fannie Mae, Freddie Mac and Treasury HAFA Programs: Agent commission differences in the programs. Borrower considerations for eligibility. Factors that can disqualify borrowers from the programs. Minimum Acceptable Net Proceeds (MANP) Servicer requirements after the SSA is signed DOWNLOAD [...]

Now that we have three independent HAFA programs in play (the U.S. Treasury Department HAFA program and the recently released Freddie Mac and Fannie Mae HAFA programs), I am regularly being asked about the differences between the three programs in their guidelines and forms. The three programs are about 80% the same but there are [...]

Now that the new HAFA program is in effect, we are getting swamped with emails from subscribers and students with questions about the new short sale guidelines and forms.  In order to answer this demand, Frontline is presenting a free HAFA webinar on next Tuesday, April 13, 2010 at 2:00 p.m. EST.  This one hour [...]

A few weeks ago I posted an article on this blog in which I expressed concern about deductions that could occur from real estate agent commissions because of the language in the new HAFA short sale guidelines that are about to go into effect.  That language states that agent commissions are protected up to six [...]