MOS Group has launched a new service to support short sales executed under the federal Home Affordable Foreclosure Alternatives (HAFA) program.
As part of this initiative, the loss mitigation outsourcer has put into a place a HAFA team comprising new hires and existing staff in its Irvine, Calif., operations center. The support services will focus on leveraging the company's experience in borrower contact and document retrieval, and will streamline the HAFA short-sale and deed-in-lieu processes, thereby accelerating servicers' timelines, MOS Group says.
HAFA is part of the Treasury Department's Home Affordable Modification Program (HAMP). Under HAFA, homeowners that do not qualify for a HAMP modification may be able to avoid foreclosure by electing to participate in a short sale or a deed-in-lieu of foreclosure. According to program guidelines, every potentially eligible borrower must be considered for participation in the HAFA program before a lender forecloses. Guidelines also dictate that the borrower must be contacted within 30 days of his or her initial eligibility for the program. HAFA goes into effect April 1.
"In a situationâ�¦where the borrower has been declined a loan modification, it's imperative to communicate and follow up with the borrower quickly and effectively, as this first conversation can often mean the difference between a successful short-sale transaction and one that falls into foreclosure," says Greg Hebner, president of MOS Group.
MOS Group says it plans to grow its HAFA service staff aggressively in the next 60 to 90 days.
SOURCE: MOS Group