Tuesday
Jul202010
Record Number Of Foreclosure Sales Cancelled Due To HAFA…Short Sales
Michael Hanks, CPA (Retired)Researchers at Foreclosure Radar received a range of reasons as to why the cancellations are up. Foreclosure sales can be canceled for successful loan modifications, short sales, a legal requirement, or even a filing error. However, the best answer came from one unnamed REO professional. According to the source, the Home Affordable Foreclosure Alternatives (HAFA) program had the most to do with the cancellations.
Record Number Of Foreclosure Sales Cancelled Due To HAFA…Short Sales
Lenders canceled nearly 22,000 California foreclosure sales in June, driven mostly by JPMorgan Chase (JPM: 40.48 +3.29%). It’s a 27% increase from May, a 153% growth from a year ago, and an all-time high, according to ForeclosureRadar, which tracks foreclosures in the state.
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