Posted on 06 July 2011.
Since the launch of the Home Affordable Foreclosure Alternatives (HAFA) program in April 2010, JPMorgan Chase has completed more short sales and deeds-in-lieu of foreclosure through HAFA than any other mortgage servicer. That being said, there's still room for improvement as Chase's top-ranking number of HAFA deals is just 2,686, according to the Treasury Department.
Wells Fargo ranked second with 2,400 completed; Bank of America was third with 1,600. It seems the top 10 mortgage servicers also canceled approximately 600K trials because of a redefault, borrower ineligibility or insufficient documentation. Another 1.5 million distressed homeowners were denied from even entering the trial period.
The numbers also reveal that mortgage servicers are completing nearly 10 times as many private short sales and deeds-in-lieu.
Source: Short Sale Dailynews