HOME AFFORDABLE FORECLOSURE ALTENATIVE
HAFA - SHORT SALE
What is a HAFA Short Sale? This is avoidance of foreclosure, the elimination of mortgage debt and possible $3,000 relocation assistance.
Why Should I Short Sale my home vs. Foreclosure? A borrower may be eligible own a home again sooner through a short sale then a foreclosure. Borrowers may be able to buy again by re-establishing a credit history as soon as 2 years after a short sale vs. 7 years after a foreclosure.
Is the HAFA short sale process different then a normal short sale? Yes, with a HAFA Short Sale the process is the same with every lender. This alls the borrow to receive pre-approved short sale terms prior to listing the property through the Request for Modification Affidavit (RMA), and it uses Standardized documents.
How to I find out if I qualify for a HAFA Short Sale? First you must determine who owns your loan. Is this a Fannie Mae, Freddie Mac or non-GSE? Below is a link to look up who has your loan:
Service Look Up: www.Makinghomesaffodable.gov/contact_servicer.html
Fannie Mae: www.Fanniemae.com/loanlookup
Freddie Mac: www.Freddiemac.com/mymortgage
BASIC HAFA ELIGIBILITY CHECKLIST:
•· Must be or recently have been borrower's principal residence;
•· Property has been primary residence in the last 12 months
•· Loan must be delinquent or default (60days) with Feddie Mac but does not have to be delinquent for Fannie Mae.
•· Borrower can not have cash reserves that are equal or over three months total monthly payment and/or $5,000 which ever is greater.
•· Borrower's 1st loan monthly mortgage payment must be greater then 31% of their gross income.
•· Principle residence / owner occupied and or vacated within 90days due to 100+ mile move for employment reasons.
•· First loan must have originated on or before January 1, 2009
•· Borrow must be able to show financial hardship
•· Borrower's current unpaid 1st loan principal balance is equal to or less then:
•· 729,750 for a single family
•· 934,200 for a two unit
•· 1,129,250 for a three unit
•· 1,403,400 for a four unit
The also offer a Deed in Lue Program as well. Email Kim@Realtydelia.com for more information.
Showing posts with label how much is a short sale. Show all posts
Showing posts with label how much is a short sale. Show all posts
Monday, May 23, 2011
Wednesday, April 6, 2011
What is a short sale? Is a short sale right for me? How much do I pay for a short sale?
There are many ways to lose a home but signing away ownership in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "short sale."
When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. For the home owner, the advantages include avoidance of having a foreclosure on their credit history. Additionally, a short sale is typically faster and less expensive than a foreclosure
Foreclosure is expensive for a mortgage lender. Mortgage lenders are not in the business of foreclosing on houses. Banks and lenders are in business of making loans. They don't want the house back. This is a business decision for the lender. Which means it has to make rational, logical sense. If you think a short sale maybe right for you, call now to find out how you can save your credit. The commission and attorney fee's are covered by your lender, this is of no charge to you!
We are constantly striving to create efficient and dramatic results for our clients by utilizing the latest on-line technology & marketing systems. Our team passionately believes that our clients' needs always come first.
I am not a talker, but a doer. If you comprehend the power experience in selling this much real estate, and you want someone who is open minded to new ideas of, and is Pro-active in getting homes sold fast and for top dollar, then pick up the phone and call now.
When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. For the home owner, the advantages include avoidance of having a foreclosure on their credit history. Additionally, a short sale is typically faster and less expensive than a foreclosure
Foreclosure is expensive for a mortgage lender. Mortgage lenders are not in the business of foreclosing on houses. Banks and lenders are in business of making loans. They don't want the house back. This is a business decision for the lender. Which means it has to make rational, logical sense. If you think a short sale maybe right for you, call now to find out how you can save your credit. The commission and attorney fee's are covered by your lender, this is of no charge to you!
We are constantly striving to create efficient and dramatic results for our clients by utilizing the latest on-line technology & marketing systems. Our team passionately believes that our clients' needs always come first.
I am not a talker, but a doer. If you comprehend the power experience in selling this much real estate, and you want someone who is open minded to new ideas of, and is Pro-active in getting homes sold fast and for top dollar, then pick up the phone and call now.
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