Servicers completed 2,213 pre-foreclosure short sales and deeds-in-lieu (DIL) under the government's Home Affordable Foreclosure Alternatives (HAFA) program during the month of June.
[IMAGE]While barely a dent in the number of homes in the pre-foreclosure stage, Treasury's latest report shows the program is beginning to pick up steam.
The number of completed HAFA transactions climbed 55 percent compared to the 1,428 transactions completed in
[COLUMN_BREAK]May. Earlier this year, between the months of March and April, HAFA deals jumped 70 percent.
HAFA has been in place since April of 2010. According to ""Treasury's latest report"":http://www.treasury.gov/initiatives/financial-stability/results/MHA-Reports/Documents/June%202011%20MHA%20Report%20FINAL.pdf, which covers program activity through June of this year, a total of 10,438 short sales and 316 DILs have concluded through HAFA.
Servicers started 3,631 new HAFA transactions during the month of June, which means an agreement has been extended to the homeowner for terms of a potential short sale or DIL.
Treasury notes that the short sale process lasts at least 120 days under the program, and requires both a third-party purchaser and cooperation of junior lien holders and mortgage insurers.
""JPMorgan Chase"":http://www.jpmorganchase.com has completed the most HAFA transactions among participating servicers with 3,596, but ""Wells Fargo"":http://www.wellsfargo.com is not far behind with 3,123.
""Bank of America"":http://www.bankofamerica.com has finalized 1,873 HAFA agreements, ""Select Portfolio Servicing"":http://www.spservicing.com has completed 591, ""Litton Loan Servicing"":http://www.littonloan.com has finalized 483, and the tally for all other participating servicers comes to 1,088.