Since the government's Home Affordable Foreclosure Alternatives (HAFA) program was implemented just over two months ago, ""Loan Resolution Corporation"":http://www.LoanResolution.com, a[IMAGE]
pre-foreclosure asset management firm based out of Scottsdale, Arizona, says it has been assigned more than 10,000 HAFA requests.
Loan Resolution executives attribute the growth to the company's ""quality over quantity"" approach when it comes to helping homeowners avoid foreclosure.
The company says it expects HAFA volume to double, now that Fannie Mae and Freddie Mac have ""released details on their own HAFA"":http://dsnews.comarticles/gses-to-begin-accepting-hafa-short-sales-2010-06-01 short sale programs, which have an effective date of August 1st.
[COLUMN_BREAK]Approximately 55 percent of the mortgages in the United States are owned by Fannie Mae and Freddie Mac, so Loan Resolution Corporation says the volume of homeowners seeking HAFA guidance will likely rise tremendously.
Loan Resolution Corporation has made a name for itself as a vendor to banks by focusing on the short sale process, specifically HAFA, and is currently working with several top-five banks.
The company says its cradle-to-grave HAFA services are fully compliant, and include a call center for borrower outreach, nationwide network of agents, monthly statistical marketing analysis, and a closing team that works with title companies to ensure a successful closing.
""We are excited about the opportunity to assist our clients in helping even more struggling homeowners complete short sales,"" said Travis Hamel Olsen, Loan Resolution Corporation's COO. ""When HAFA was announced, we felt that GSEs were the missing piece.""
The government has been working to encourage short sales in order to reduce foreclosures and prop up the real estate market. The administration's HAFA program was designed to speed up the short sales process and offer struggling homeowners a viable alternative to foreclosure.
""HAFA is the only option for many homeowners,"" Olsen said. ""The updated legislation offers a graceful way for them to escape from overwhelming mortgage payments.""