Now, lets review the bottom line facts….did HAFA Work?
1) Servicers completed 10,438 HAFA short sales since April 2010.
2) Up to June 2011, servicers started 21,412 short sales and Deeds in Lieu of Foreclosure. A total of 10,754 were completed, up 25%.
3) JPMorgan Chase completed nearly 3,600 through the program, 1,000 in June alone.
4) Wells Fargo completed nearly 3,100, 700 in June.
5) Bank of America completed 1,873 HAFA transactions.
6) In 22% of the HAFA agreements started — equal to roughly 4,700 mortgages — the homeowner began a HAMP trial but later requested a HAFA agreement or was disqualified from HAMP.
7) According to a recent study there is nearly a 70% INCREASE in the number of homes considered to be part of the banks ‘Shadow Inventory’.
8) The average time a non-paying ‘home owner’ is able to occupy the property has increased to nearly 600 days nationally.
So, what do YOU think…did HAFA work? Share your comments…