Treasury: Nearly 4,500 HAFA Short Sales and Deeds-in-Lieu Completed
04/01/2011BY: CARRIE BAY 
The Treasury Department released a new report on the government’s foreclosure prevention efforts Friday. In addition to the Home Affordable Modification Program (HAMP) numbers that are regularly recounted, new this month are details on short sales and deeds-in-lieu, as well as second lien modifications.
Treasury reports that as of the end of February, 4,488 homeowners completed a short sale or deed-in-lieu (DIL) under the Home Affordable Foreclosure Alternatives (HAFA) program. The federal program provides up to $3,000 for relocation assistance after a homeowner exits the home.
Another 10,177 homeowners have agreements in place with their servicers for HAFA short sale and DILtransactions. Treasury notes in its report that the HAFAshort sale timeline “lasts at least 120 days,” and requires the cooperation of junior lien holders in order to complete the transaction.
This report also marked the department’s first reporting on its Second Lien Modification Program (2MP), which provides assistance to homeowners in a first lien HAMPmod who have an eligible second lien with a participating servicer.
