Short Sales are More Valuable Than Ever!
One of the Biggest Benefits HAFA provides to Homeowners is a $3,000 incentive for a successful short sale or ded-in-lieu, two foreclosure alatenatives.
Avoiding foreclosure is always a smart move, but now there are incentives that make it an even better one.
Short sales and deeds-in-lieu are dignified solutions to foreclosure, and now the government is making them easier and quicker through the Home Affordable Foreclosure Alternatives Program, or HAFA, which also gives the homeowner $3,000 for participating.
With the free report provided here, you can learn all the benefits of completing a HAFA short sale. Simply fill out your information below for details on the program and how you would benefit.
Please read this report to learn the facts, and contact me to start exploring solutions.
Unaffordable Mortgage?
Now you have more incentives to act! Maybe you’ve had a unexpected shortfall. Maybe you’re experiencing sudden expenses like medical bills. Whatever your situation, you are not alnos in having and unaffordable mortgage. The past two years in the housing market have shown a growing need for solutions in foreclosure avoidanace, and the government is leading an initiative to provide those solutions.
The initiative is called Making Home Affordable, and one of its programs is the Home Affordable Foreclosure Alternatives Program, or HAFA.
Also known as the “April Program” HAFA is designed to help homeowners whose mortgage payments are too big for a loan modification to lower them to a affordable levels. Laon Modifications, which are handled by other programs under Making Home Affordable, can loer loan interest rates for those who are just out of reach of making mortgage payments.
HAFA sets timeframes on the short sale process to increase the chance of a success and shorten your waiting time. By also providing incentives to the lender, the program gives every party a further reason to avoid the foreclosure process.
Specifics
Ashort sale is when the lender agrees for the property to e sold at a lower price than the mortgage balanced owed.
A deed-in-lieu is when the lender recives the house deed in place of the mortgage balance, although in some cases the lender will still pursue the homeowner for the left over mortgage balance, which is called a deficiency judgement. A HAFA short sale or deed-in-lieu prohibits yhe participating lender from pursuing a deficiency judgement.
The Real Incentives
While the $3,000 homeowner incentive is a very appealing reason to pursue a short sale, it doesnt compare to the huge benefits of avoiding the foreclosure process. Here are some of the 250 to 300 point drop in a foreclosure.
A short sale is not reported on your credit history. Foreclosure is reported for at least 10 years.
You will be eligable for a Fannie Mac-backed loan just two years after a short sale, as opposed to five years after a foreclosure.
In some traditional short sales, and ALL HAFA short sales, the lender is prohibited from pursuing the homeowner for a deficiency judgement. That is not the case with a foreclosure.
If you ever pursue employment that involves a security clearance (police, military, CIA, etc, you will not need to worry about a short sale creating a challenge for that clearance, since it will not be reported on your credit.
In a loan with any mortgage company, a standard question asked is ” Have you had a property foreclosed upon or given title or deed-in-lieu therof in the last seven years?” Going through a short sale will allow you to answer “NO” to this question.
As you can see, a short sale allows you to sidestep many of the damaging effects of foreclosure. For that reason alone, you deserve to find out if a short sale will work in your situation.
Once you add the $3,000 HAFA incentive to pursue this foreclosure alternative, it is hard to ignore the value of pursuing a short sale. Not everyone will be eligable for the HAFA Program, so you need to find out from you ar. Contact me today so that we can assess your situation and figure out what your best possible optionsare.
SPECIFICS
Foreclosure also creates large losses for the lender, so they will usally choose foreclosure alternatives first in order to salvage as much as possible.
As a CDPE-designated agent, I have been extensively trained in the full range of foreclosure alternatives for the distressed homeownwers, and I’ m ready to help you get started on a path to a more stable tomorrow.
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