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Many times these programs that we deal with for our clients change for the better but there are also certain times that they change for the worse. I guess only adding insult to injury is that fact that it is our own government, supported by our tax dollars, making life just a little bit harder on all of us. HAFA though it is supposed to be the all forgiving program has stricter guidelines than any that previously existed.

These recent guidelines which took into effect when the HAFA program initiated included a kill date to the offer they are providing to the homeowner without their prior knowledge within 14 days. While lenders may be allowing for more time, as all servicers interpret the initiatives through their own eyes, according to the Treasury’s guideline this is a one strike and your out rule. For a few cases where homeowner’s have come to us after the fact we have been able to reverse this ruling but that cannot ever be expected and everyone’s situation is different.

It is important to act quickly, research your options, and get things moving. You’re misstep can significantly leave you in a compromising position so always have a loss mitigation specialist, someone dealing with this day in and day out because when things change it could hurt you to not know.

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