Jenny Maczka

Are you eligible?

• The home needs to be your principal Residence
• First lien originated prior to 2009
• Mortgage is delinquent at least 60 days or delinquency is foreseeable.
• Your unpaid loan balance is $729,750 or less for SFR
• Your total monthly payment, principal and interest,  exceeds 31% of your gross income
• There is a “Hardship” (loss of income, mortgage adjustment and now you have a higher payment, job transfer, divorce, medical condition, etc.)
• You were unable to qualify for a loan mod or loan mod failed

Some highlights on the program:

·      Pre-approved Short Sale terms prior to listing your home

·      You get paid $3000 for relocation,  at the close of escrow

·      Loan servicers get an incentive of $1500

·      Loan investors get an incentives  of $2000

·      The bank fully releases you from future liability for the 1^st mortgage and jr liens (no cash contributions, promissory notes or deficiency judgments are allowed) whether it is purchase money or not HUGE!)

·      Allows 6% of the loan of each junior lien holder (2^nd or more loans) to be paid from the sale proceed up to a cumulative payment of $6000

·      Uses standard documents, processes and timelines/deadlines.

·      Can close in 45 days or sooner after acceptance. Shortens the waiting period

·      Must be an “arms length” transaction. The property cannot be sold to a relative or a close personal or business relationship

·      ALL THIS PROCESS IS FREE TO YOU!

·      This program ends on Dec 31,2012

Beware of Scams!!

I know that sometimes you might hear conflicting information. Always talk to honest and knowledgeable sources such as a certified Short

Sale Realtor, get advice from your accountant regarding TAX LIABILITIES and to a Real Estate attorney for your specific situation.

Call me for a FREE 1 hr consultation to find out more details on this program and how I can help you!

TIMELINES:

• Servicer has 30 days to respond to a borrower that does not qualify for a HAMP trial period, is denied a loan mod, fails the trial HAMP payment period or simply requests a Short Sale

• A SSA or short sale agreement is sent by the lender to the borrower when the SS is approved for a HAFA program
• IMPORTANT: CHECK YOUR MAIL! You have 14 days to sign and return to the lender
• Once an offer is accepted by the seller, the purchase contract with the RASS should be sent to the lender within 3 days
• The lender must approve or denied the request within 10 days of receipt
• Lender cannot require a closing sooner than 45 days unless the borrower agrees

IMPORTANT INFO:

• If you do not qualify for HAFA Short Sale, you can request approval the regular way.
• You do NOT have to apply for a HAMP in order to qualify. You can request a HAFA SS from the beginning.
• Each bank has slightly different requirements
• A Short Ssale does affect your credit score but much less than a foreclosure. Your credit will say: “Settled for less than the full payment”
• You could qualify to purchase a new home in 2 years
• You CANNOT receive any proceeds from the sale of your home.
• Military personnel cannot have a “foreclosure” on their credit for “security” reasons
• REMEMBER THAT THERE ARE TAX LIABILITIES. ALWAYS CONSULT WITH YOUR ACCOUNTANT AND CHECK FOR EXEMPTIONS.
• WE ALSO SUGGEST THAT YOU CONSULT WITH A REAL ESTATE ATTORNEY ABOUT YOUR SPECIFIC CASE