According to the New York Times, "Defaults Rise in Loan Modification Program" The number of homeowners who secured cheaper mortgages through the governments modification program only to default again nearly doubled in March, continuing a worrisome trend that threatens to undermine the entire program. "
The trend suggests that HAFA is not to soon upon us. Hopefully it will actually help the problem. Many are skeptical. This video goes through the timeline given to me by Fannie Mae on a recent conference call as well as spotlights a couple problem areas we should all be watching for.
I will shortly be releasing my proposal regarding how we should deal with HAFA when the borrower has not yet participated in HAMP. There are quite a few moving parts in this one.
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