Last week, HousingWire reported that—in the opinion of several vice presidents of major lending institutions—HAFA was fundamentally flawed because it requires borrowers to fail a HAMP Trial Period Plan before they can even be considered for HAFA. Bryan Bolton, senior VP of loss mitigation in the mortgage department over at Citigroup despaired, saying: “I think HAFA is nothing but a lot of press at the end of the day.” He also said that he thought that the program would be hampered (our pun) by the requirement that homeowners use a real estate professional to help them through the HAFA process. The average homeowner simply wouldn’t do it, he said.

If what he’s saying is true, then it’s a good thing we’ve been promoting HAFA education. The system is open for agents to contact homeowners—and that’s how CDPEs work. And with 10,000 people on our HAFA Decoded broadcast, we’re among the foremost HAFA educators in the industry.

Also in the same article, Robert Hunter, vice president of Amherst Securities, missed the point by stating that HAFA doesn’t work because it isn’t a solution that keeps people in their homes. True, if you go through the HAFA process, you will not be able to keep your home. However, if you go through the HAFA process, it’s because your other option was foreclosure—a fate much, much worse than being able to transition on to another living situation with $3,000 in your pocket and your credit score still standing.

We’re here to keep you educated, informed, and most of all, effective in this changing market.