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Fannie Mae and Freddie Mac have their own version of HAFA

Need to do a Fannie Mae short sale on your Rocky River Ohio home? Call 216-324-6637.

Deadline for HAFA compliance for both Freddie Mac and Fannie Mae servicers is August, 1st 2010.

America’s favorite Government Sponsored Enterprises (GSE)Fannie Mae and Freddie Mac recently announced their own version of Home Affordable Foreclosure Alternative (HAFA).  Apparently being government sponsored the Goverment’s own HAFA program is below them and they needed to each have their own fancy one so they could feel special.

What is HAFA all about?  It is supposed to be a streamlined way that people who can not modify their loan and keep their house can have a graceful exit from their home as an alternative to foreclosure.  HAFA alternatives include the opportunity to sell your home on a short sale before foreclosure or deed in lieu of foreclosure (a.k.a. DIL or voluntary repossession).

Of course Fannie Mae and Freddie Mac each having their own programs doesn’t help streamline things much.

I actually suspect the real reason they wanted to implement their own programs is they couldn’t get their act together enough to implement the Treasury Departments own HAFA guidelines.

Interestingly enough while the Treasury Department’s HAFA guidelines had an implementation deadline of April 5th both Freddie and Fannie chose August 1st as the servicer implementation dead line.

You can see more about Freddie Mac’s HAFA guidelines here and more info about Fannie Mae’s HAFA guidelines here.

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Andy Morris is an Ohio real estate broker with an expertise in selling homes on a short sale. If your Ohio home is heading towards foreclosure or you owe more than your property is worth, please call Andy at 888-4-STOP-IT to see if you qualify for a short sale with your lender.  Are you not in my area?  His foreclosure answer service is free to you as well!

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