Is the Treasury Department's Home Affordable Foreclosure Alternatives (HAFA) program a complete failure? It was introduced to help borrowers who couldn't qualify for the Home Affordable Modification Program (HEMP) complete a short sale (as well as expedite the process...which is an oxymoron in and of itself; the government helping private enterprise be more efficient, ha!). Now, after 15 months, the $4.1 Billion program has disbursed $9.5 million and accounted for only 8,541 short sales. To … [Read more...]
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Denial Blocks Real Estate Recovery
Denial Blocks Real Estate RecoveryForeclosure, Bankruptcy vs Home Affordable Refinancing Program ( HARP).Kevin is not giving up without a fight. I know this because those words are written on a piece of paper taped to his front door. NOT GIVING UP WITHOUT A FIGHT! His house is scheduled to go to a foreclosure auction today.Kevin bought his home on July 8th, 2003 for $270,800. The real estate market here in Phoenix was stable at the time. The housing explosion was about 18 months away. … [Read more...]