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DO YOU OWE MORE THAN YOUR HOME IS WORTH?
HAVING DIFFICULTY MAKING YOUR MORTGAGE PAYMENTS?
ARE YOU LATE ON YOUR MORTGAGE?
ARE YOU TRYING TO AVOID FORECLOSURES?
WHAT IS A SHORT SALE?
A “Short Sale” is an alternative to Foreclosure, It happens when you owe more than your home is worth (being upside down) and your lender accepts a “Short Pay” on your loan.
I list your home, I submit a complete package to your lender (if you have more than 1 lender, we need 1 package per lender), which includes financial information, tax returns, pay stub, most importantly is your “Hardship letter” and we also include an “Offer from a buyer” accepted by you. I then, negotiate with the lender(s) to accept the “Short Pay”, the buyer’s offer and to release you of any further liability. This process can take from 1-6 months depending on the lender.
**Investments properties can also be sold through a “Short Sale” but not through the HAFA program.
What are your options?
· Refinancing (HARP)
· Loan Modification (HAMP)
· Short Sale (HAFA)
· Died-in-lieu
· Foreclosure
First, you need to call you lender and apply for a Loan Modification (HAMP). If you do not qualify for a loan modification, that department will transfer all you financial information to the HAFA program to do a Short Sale.
(go to the next tab under Making Home Affordable)
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