The HAFA Program, part of the Home Affordable Modification Program (HAMP), simplifies short sales procedures by setting limits on the time it takes lenders to respond, freeing borrowers from debt and capping claims of subordinate lien holders. Although the HAFA Program does not take effect until April 5, 2010, servicers may elect to implement HAFA in accordance with the Supplemental Directive prior to the launch date.
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stopmyforeclosure101 1 year ago