With the Home Affordable Foreclosure Alternatives (HAFA) program kicking off in two weeks, servicers are making their final preparations for the oncoming wave of short sale requests. While boosting technology is key to the build-up, getting the right people in place could be more of a priority to handle the load.
The US Treasury Department will launch HAFA on April 5, 2010. The program will provide incentives to servicers that provide short sales and deeds-in-lieu of foreclosure for borrowers who failed a modification through the Home Affordable Modification Program (HAMP).
GMAC (GJM: 21.00 0.00%) is considered the leading servicer in the Home Affordable Modification Program by providing active and permanent modifications on 53% of the more than 66,000 eligible loans in its portfolio claims Housing Wire.
