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WHAT IS A SHORT SALE?
When the lender will accept less than the full amount due on a mortgage when a property is sold. Usually, the lender will accept the short sale to avoid the time and expense of a foreclosure.
example. Seller owns a property, current market value is $100,000, Seller currently owes $200,000, he puts a property on for sale, receives an offer for $100,000, lender approves short sale price, and takes a loss of the differnce of $100,000.
IS SHORT SALE A RIGHT OPTION FOR YOU?
Mortgage lenders are increasingly willing to work with borrowers faced with a financial hardship to accept a discounted payoff on a mortgage. If you are faced with a hardship, and are unable to meet your obligation on your mortgage, your lender would prefer to settle the matter with you as opposed to taking the property through foreclosure. As you consider the option of pursuing a short sale, remember your lender is looking to limit any potential loss on your loan. By completing a short sale, your lender has arrived at a solution that is, for them, much better than a costly foreclosure.
DO YOU QUALIFY FOR HAFA SHORT SALE?
If you can't afford your mortgage payment and it's time for you to transition to more affordable housing, the Home Affordable Foreclosure Alternatives (HAFA) program is designed for you. HAFA provides two options for transitioning out of your mortgage: a short sale or a Deed-in-Lieu (DIL) of foreclosure. In a short sale, the mortgage company lets you sell your house for an amount that falls "short" of the amount you still owe. In a DIL, the mortgage company lets you give the title back, transferring ownership back to them.
- You can get free advice from HUD-approved housing counselors and licensed real estate professionals.
- Unlike conventional short sales, a HAFA short sale completely releases you from your mortgage debt after selling the property. This means you will no longer be responsible for the amount that falls "short" of the amount you still owe. The deficiency is guaranteed to be waived by the servicer.
- In a HAFA short sale, your mortgage company works with you to determine an acceptable sale price.
- HAFA has a less negative effect on your credit score than foreclosure or conventional short sales.
- When you close, HAFA provides $3,000 in relocation assistance.
- You live in the home or have lived there within the last 12 months.
- You have a documented financial hardship.
- You have not purchased a new house within the last 12 months.
- Your first mortgage is less than $729,750.
- You obtained your mortgage on or before January 1, 2009.
- You must not have been convicted within the last 10 years of felony larceny, theft, fraud, forgery, money laundering or tax evasion in connection with a mortgage or real estate transaction.
- HAFASM is available for mortgages that are owned or guaranteed by Fannie Mae and Freddie Mac
STOP FORCLOSURE! If the homeowner has to short sale their home they’you've most likely missed payments already. That in itself has already adversely affected their credit. The key here is to stop the devastating affect on your credit that a Foreclosure causes. A Foreclosure is the most damaging record on your credit report – its even worse than bankruptcy!
I specialize in buying and selling homes throughout Sacramento, and Elk Grove! If you are a buyer or seller who lives near Sacramento or Elk Grove, or if you are looking to relocate to our area, I am happy to assist you! Real estate is one of the largest and most exciting investments one can make. I am here to make sure that your process is a fun and rewarding one! My website is geared toward our local areas of Sacramento and Elk Grove, and also surrounding communities such as Roseville, Folsom, Carmichael, and Fair Oaks. I am a specialist in our community and I would be happy to help you with all of your real estate needs!
Throughout my website you will find many useful tools to assist with buying or selling a home. I am dedicated to providing the finest service available, and my website can be a great resource for you to use free! Make sure to bookmark my website for future use.
Are you looking to Buy a Sacramento or Elk Grove Home?
I will take the time to listen to your needs and desires to help you find the home of your dreams. Please fill out my request form so I can help you in detail!
Are you trying to Sell your Sacramento or Elk Grove Home? I am a licensed Real Estate Specialist and am very experienced in both Sacramento and Elk Grove. I also continually work with people in Roseville, Folsom, Carmichael, and Fair Oaks. I know our markets inside and out, and will do my best to make sure you receive top dollar for your home!
Office: (916) 405-5200