VIEWPOINT: HAFA Misses the Mark, But Has Potential
by Gary Acosta
Friday, January 15th, 2010, 8:53 am
Housing industry analysts estimate that more than 10.8 million homeowners have negative equity, and thus face imminent mortgage default. The government’s effort to provide these homeowners a viable short sale alternative with incentives through the new Home Affordable Foreclosure Alternatives Program (HAFA) deserves kudos for effort. Short sales reduce long-term vacancies, leverage existing market mechanisms, and keep neighborhoods intact.
Unfortunately, HAFA lacks the necessary incentives to get people moving.
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